First time buyer looking for a multi-family property

[Abraham Bakre]

Hello BP! This is my first post and I am excited to hear the responses from all you fine folks!

My question is about interest rates on loans for a multi-family property here in Houston, TX. Could yall give me an idea on the kind of rates (monthly Principle and Interest) I could be looking at? I want to do a 100% no-money-down loan on a 4 unit multi-family property estimated around 150-200K? I plan on living in one of the units so that I can take advantage of the first-time home buyer program I heard about and so that I can obtain better financing rates being that I'll be looked at as a homebuyer instead of an investor.

[b]Some background info: I have a median credit score of about 725, I'm 26 with no real estate owned, at my job I gross about $3600 a month, I would live in one of the units, and my monthly fixed expenses are minimal since I live with my mom currently. They total around $500. Im interested in all kinds of money sources including private investors, brokers, banks, credit unions, etc... Also, what other money would I need to come up with other then the purchase price? I'm aware of inspections, repairs, closing costs, and earnest money. Can I cover all of this with my loan? Or do I need cash or separate financing?

I have a prospective property I'm looking at currently for $165,000 list price. Its a four-plex w/ all units being 2/2 each. I found out that rent in that area for a 2/2 is about $850/month. I can provide more details if anyone thinks they can help me analyze this deal.

Thanks BP community!

Abraham Bakre