First Time House Hacking

[Jilanie Staples]

Hello everyone!

My name is Jilanie Staples. I am new to BiggerPockets but have been interested in the idea of purchasing a mutli-family property and owner-occupying for years. I am finally at the point where I can afford (barely) to get into a multi-family home and I'm actively looking between Albany, NY up through Queensbury, NY - though preferably somewhere in the middle. I have talked to several loan officers, most detailed with my personal bank (SEFCU) and they offer an FHA loan, but not a 203K loan. They DO offer a program called SONYMA RemodelNY Renovation. Has anyone local heard of this program or used it before? How does it compare to a traditional FHA203K loan? Also, I'm approved for up to $200k (could get more easily if I asked for it according to the loan officer at SEFCU) which would equate to approx. $1550/mon w/local taxes and 3.5% down. Any advice regarding what I should be looking for in the deal would be very welcome as well! Essentially I want to find a place where I am living for free or making money from renting out the other units. Can this be done with these remodeling type loans?

Thanks all!