Tips needed on financing first primary residence.

[Anthony Richards]

Greetings Bigger Pockets Family! My name is Anthony Richards from New York City and I am striving to become a real estate investor. For my first forum post I had a few questions about financing/finding my FIRST primary residence. The main things I was trying to figure out were the best ways to do it as a first time home owner, what to look/look out for and what type of programs/loans are out there for me. I am looking for a 3 family house specifically in the Long Island area of New York City as the prices are lower but we still have access to the city. The plan was to have my in laws in the top portion, me and my wife would be in the middle and the bottom portion we would fill with a tenant. I am not the best writer so if clarification is needed, I will go further in depth. Thank You to everyone reading/responding to this and I am looking forwards to speaking with all of you! Best Regards, Anthony R.

[G. Brian Davis]

Hi Anthony, 

You're on the right track! House hacking is a great way to buy your first property. 

Check out this article for a case study on how one new investor did it: 

https://www.biggerpockets.com/renewsblog/newbie-ho...

As for financing, you can get a convention or FHA loan for a building with up to 4 units. You have to then live in the property for at least a year. But you'll get much better terms buying a property you'll live in, rather than an investment property loan.

Best of luck!