House Hacking Loan Options

[Dylan S.]

Hi Everyone, 

I'm 22 and am beginning to consider buying my first home. I know I want to do a house hack and buy a duplex, triplex, or fourplex. I've read and heard so many people talking about FHA loans for house hacking since the down payment is so low, but few people talk about the Conventional 97 loan (with 3% down). It seems like that type of loan would be much better for a person in my financial situation (stats below).

- $74K (gross income) and have been at my job for almost 8 months now

- $9k in savings and another $24K in stock market investments

- No Debt

- Credit score is 740+ across all bureaus with a high of 769 and a total credit limit of $24K

I live in a high cost of living area (Orange County, CA), so houses are definitely not cheap, but putting 3% down does make it a little easier. Are there other loans out there or does the Conventional 97 make the most sense for me? Definitely will be talking to some loan officers soon, but wanted to hear your thoughts on this and any other advice you have for someone in my situation that's trying to house hack in an expensive market.