To Utilize First Time Homebuyer Program or Not

[Alexander Zurn]

Hello - I have been looking into the Multi-Family market in Rhode Island the past 6 months. Live in 1 side, rent the other, have it pay for the mortgage. Easier said than done of course, but at the price I want, it's just not feasible right now.

I have switched my focus (while still watching the overall market) to strictly an investment property. Put 20% down, rent it out, and cash flow. Again, easier said than done but there are some deals out here at the price points I am looking for.

My question is: Do you think I should give up the obvious benefits of a First Time Homebuyer Program (i.e. help with closing costs, 3.5% down, tax credits among a few) in order to put 20% down on an investment property? I have a private money lender where I could still put between 3-6% down, fund the remaining 14-17% and start cash flowing as soon as I get tenant in.

Specific property notes: Condo, 2 bed, mortgage between $700-$800 and average 2 bedroom rent in area is $1,000-$1,600 (Conservative - Max).

Let me know what you think!