I think it’s doable but you’ll probably find yourself needing co-signers and some assistance.There are down payment assistant programs out there.

@Andy Webb I've actually never rented rooms in a house before, only rented apartment units and was wondering the same thing, but as Myka mentioned above, he says 700~900 is doable.

If most of your documents are on file and all that is left is a credit pull...the pre-approval should be quick and doable in 24-48 hours.

@Jeffrey Zhang It is doable but not that easy...You will need a good reason to go from a 4 bedroom house to to a multifamily especially if the unit in the multifamily you are moving into is smaller than your current home.  

This is not that far off in price so it is doable..

If I can do 40, I guess 41 should be doable as well, right?

Is this doable in the State of Georgia on a property that has an outstanding loan?

Bank credit reluctance without leaving a decent chunk of equity behind is going to make the strategy make less sense.I'd say if you go into it with the idea that you can pull some, but not all, of your cash out it's still doable.

It may not be doable at all in eastern markets with primarily older housing stock for example.

Totally doable.