Newbie Advice on buying home 0 down 100% financing

[John F. Hebert]

 I rent in NYC (astoria queens) 10 min from manhattan and work.

I work in tv/film which is by definition freelance even though I've been working for the last 5 years pretty consistently

I have access to Navy Federal Credit Union which do offer $0 money 100% financing and said with my current debt to income ratio and 683 credit would only give me $280k-$350 (not much to buy anything in NYC) the only thing I find is condo/coop which won't let you rent. 

My vision 

1. Buy fall back place if i ever get kicked out my apt I can move in and rent out rooms to help continue to pay mortgage. (even a finished basement) I don't care about luxury. 

2.  Rent it have someone else pay my mortgage and some cashflow on top. 

3. Build equity start making some type of financial capital in that order to get another place in a few years.

Yes I'm in credit card debt $27k in debt and only make $60k-70k a year but 15k of that debt was to buy low end vintage cars to rent to movies, which paid $7k in a week this month. Yes it's very inconsistent but I was desperate to make a move and I did it. 

So my question is if anyone has experience in the NYC/NJ market. What advice would you give me about buying in a home 0 down in order to fullfill my vision.

[Abel Curiel]

Originally posted by @John F. Hebert:

 I rent in NYC (astoria queens) 10 min from manhattan and work.

I work in tv/film which is by definition freelance even though I've been working for the last 5 years pretty consistently

I have access to Navy Federal Credit Union which do offer $0 money 100% financing and said with my current debt to income ratio and 683 credit would only give me $280k-$350 (not much to buy anything in NYC) the only thing I find is condo/coop which won't let you rent. 

My vision 

1. Buy fall back place if i ever get kicked out my apt I can move in and rent out rooms to help continue to pay mortgage. (even a finished basement) I don't care about luxury. 

2.  Rent it have someone else pay my mortgage and some cashflow on top. 

3. Build equity start making some type of financial capital in that order to get another place in a few years.

Yes I'm in credit card debt $27k in debt and only make $60k-70k a year but 15k of that debt was to buy low end vintage cars to rent to movies, which paid $7k in a week this month. Yes it's very inconsistent but I was desperate to make a move and I did it. 

So my question is if anyone has experience in the NYC/NJ market. What advice would you give me about buying in a home 0 down in order to fullfill my vision.

Hey John,

Its always great to connect with fellow Queens residents!

With regards to purchasing a deal with 0% down with your vision, I'd focus on 1 of 2 things.

1. Pay down your debt - I like the car investment and it makes total sense given the fact you're in the industry. I also understand that this is inconsistent but I also see a ton of potential in that business given the market you live in. Earning some extra $ from this investment can help you lower your debt-to-income ratio (DTI) and get you approved for a higher amount. The higher amount will give you more options for multi-family deals that can bring in some cash.

2. Focus on more affordable markets near NYC - NJ is a market where you can get into the multi-family game as a house-hacker, be close to the purchase price you've already been approved for, stay close to your job, and get in the property with 0% down.

Best of luck to you moving forward!

Abel