*(Time sensitive!)* House Hacking for FIRST Investment

[Jennifer Dargento]

Hi all,

I may have just found an opportunity to house-hack a duplex (both units for sale) in the town I live in but I don't have enough capital for a conventional loan downpayment. I'm hoping I can put in an offer ASAP as it's in an area that I believe is appreciating. 

I'm assuming I would need an FHA loan? I've reached out to one local bank already, but should I be reaching out to multiple at the same time?

I'm pretty sure I know the answer to this, but in order to qualify for a 203k loan, the property would need major repair, correct? The property is very old, outdated, and ugly, but both units are listed as being in livable condition. 

About me: Excellent credit, debt-free, self-employed, currently renting. 

All input is appreciated, thank you in advance!!