Should I Use NJ Down Payment Assistance Program(House Hacking)

[Jeffrey Palma]

Hello All, My name is Jeff and I'm very interested in buying my first multi-family home with the intention of living in one unit and renting the other one. My plan is to use a FHA loan with 3.5 down and buy a property between 100k-150k. I recently found an apartment building with 2 units in a good area for 110k which I really like and I believe would a good investment opportunity. So far I have enough money for the down payment, closing costs, and I also have an emergency fund.

My question is, should I get the 10k NJ offers for first-time buyers? My problem with this program is that I will need to live in the property for 5 years before moving on, and my plan is to repeat the process after a year with another FHA and buy more properties but if I take the 10k I wouldn't be able to do it right?

Thanks for the help.