First time homebuyer benefits for an apartment purchase?

[Kyle Poslosky]

Hello all, newbie here. I had a quick question. I did some googling, but didn't really receive a straight answer. 

I've heard about first time homebuyer benefits, which include a one percent down payment. Is it possible to get a first time homebuyer loan while purchasing an apartment complex? I'd like to purchase an apartment complex as a first time "home" and live in one of the units while renting out the others. 

Hope the question was clear enough!

Thanks,

Kyle

[Ola Dantis]

Hey @Kyle Poslosky Welcome to BP! You can definitely get answers to questions here. 

Couple of things:

1. You wouldn't be able to use your first time home buyers perks to acquire an apartment complex. You can use these perks for 1 - 4 units. 

2. The FHA isn't 1% down it is 3.5% down.

I think you may want to listen to the BP podcast and read a lot about multifamily and house hacking on BP to learn some of the basic concepts. 

Hope this helps. Good luck. Thanks! - Ola