5% Down Conventional Loan on a Condo

[Derrick Casson]

Hey guys, I have a quick question regarding the conventional loan as a way to finance my first property.  In my last post I mentioned house hacking and wanting to build a portfolio with a HFA loan starting out.  It was brought to my attention that there is a 5% down conventional loan that is available for first time home buyers only, here in Chicago.  With this new info, I revamped my plan into thinking about investing in a condo using that loan to start off with and rent it out.  Then after some time use the cash flow from the condo to help finance the HFA loan, and go from there.  

My question is, how practical is it to receive this type of loan on a condo and what are some of the things I should have in place before I go to try and get this loan.

I look forward to the responses and thanks for helping me out! 

[Chris Mason]

5% down on condos and SFRs is for anyone intending to owner occupy, not just FTHB.

Budget $350 charged to a debit/credit card for the HOA to send your lender what is needed to ensure the HOA's financials are in order.