Good evening BP'ers, My question is regarding buyers that become qualified through special programs that require the buyer not to put any money down and no closing costs but are given a certain amount that the mortgage lender through this program will cover that they cannot exceed.

Conventional allows you to put 5% down.I would suggest looking into Californias First Time Homebuyer Program.

When you get the requisite employment history (plus the solid credit you already have), you might aim for a 2-4 unit property as a first home purchase (2-4 units counts as residential and there are some great loan programs to look into). 

We allow up to 15 on some programs, and then have a program for 15+. 

Are there programs we may not know about?

Does anyone know if there are any first time home buying programs that will allow me to purchase a multi-family home and that Assistance towards my down payment

I actually had a concern about this knowing that measure L had recently passed and it turns out the North Richmond is outside of the jurisdiction of Richmond proper so the ordinance would not apply based on what I was told.It's still good to check with the new rent program office to make sure. http://www.ci.richmond.ca.us/3364/Richmond-Rent-Pr...I encourage you to look into EBRHA (a rental property owner association) if you do end up getting into the rental property business.

If you find a way to scale this business please write a book on it cause I've considered paying for a program by one of these qualified guru's just to figure this out.

Just don't be upsold into buying their programs and packages.The biggest part of personal finance is DISCIPLINE!  

The SBA has loan programs that will allow you to do all of the above if youre willing and able to jump through all the hoops.