Using First Time Homebuyer To Get Approved?

[Emzie Blankenship]

I have been crunching numbers, seeing whats possible, and so forth. I have been using the Zillow Mortgage Rates tool. I don't get any lenders willing to lend anything BELOW $80k, with a $20k down (so, $60k) and credit score 680-719 with my income, as an investment property. 

Now, with the First Time Homebuyers, and "Primary Residence" options checked, I can get lenders (mainly AimLoan) for $65-90k properties (with 5-20% down). The terms as I understand are that I would have to inhabit this house as my Primary Residence for at least 3 years after closing. Now, I obviously wouldn't be able to rent the entire house out, however maybe I could house hack and rent a room or two out? I guess I could also get a duplex, and rent the entire second unit out while occupying a unit for the 3 years as well. If I rent out a bedroom or two in a SFH, can I get an accountant so I can get this money taxed properly and raise my annual income (to better my chances for bigger and better things!)?

I was thinking if I went with the First Time Homebuyers options, I could get a property for less up front. I should be able to put any extra income into the Mortgage Principal, and build equity to look better for future loans. Does all of this sound correct? Any advice on what to do or my possibilities is very appreciated.