Lawrence,With your credit score, for a low down payment program you should be looking at a conventional 97% LTV program, preferably either HomeReady or Home Possible as they have better mortgage insurance rates as well as interest rates. 

Rent Control is everywhere because new people that plan to move those cities can't vote against these rent control laws that hurt them. and us landlord are hated micro minority.The only way to deal with these uneconomic laws is on the State and National level because it is in the best interest of the State and Federal government to extract much Tax as possible from rent.

This is the bank I worked for, and we were constantly kicking contractors off the program for not ensuring the people creating the loan were actually authorized to do so.I'd say it can be a good investment if it's something that your market can support, but in general think of it like a pool.

Several years ago Orientals where driving the West Coast markets for totally different reasons: to get a green card, there is a program where you can get one if you invest a certain amount into real estate.

If you click on the company link in @John Warren signature there is a document which is called "financial terms" and it breaks down the differences between 3.5% and 5% programs including fees and loan limits

The government that claims to be pro-tenant with their policies actually ends up hurting them in the end because they scare away all of the would-be housing providers.

Currently, the federal government is subsidizing the cost of flood insurance but the government has made it clear that they plan to phase out the subsidies over time.

I have not been able to refinance either since banks tell me they do not provide loan programs under 90k. 

@Justin Kane has the right idea, I would stay out of NYC for investment.Our state government is about to fire a missile right into whatever is left of landlord rights in the city: https://www.nytimes.com/2019/04/17/nyregion/ny-rent-laws-regulation.htmlMost of those bills, if passed, will make NYC and more punishing investment environment than it already is.

@Michael SetuainHere is the current regulation here. https://louisvilleky.gov/government/planning-design/short-term-rental-information