Need Input/Advice on House Hacking an Owner Occupant Duplex

[Hamza Ahmad]

Hi there! I am brand new to real estate investing and need some input from experienced "house hackers". I found a duplex REO property for $200K which can bring in a minimum of $2000/unit. The deal is also for buyers who are planning on living in the home which is not a problem for me. I'm will be getting out of a $1200/month apartment lease soon and can move in. I've crunched the numbers and the deal still has a great cap rate for my area.

So here's the problem. I only have approximately $1500 in savings and currenly also have approximately $40K in student loans. What are the chances of being approved for a mortgage? Also, I cannot find a way to put a 10% down payment on a mortgage for this property. I am looking at Trustco Bank for the mortgage. Any advice would be appreciated.