Those ultra-low literally never in a lifetime loan % is a result of the Fed dropping the Fed Funds to 0 in 2020 and keeping it low for 2 years, while at the same time buying mortgage backed securities, all while the market was booming.

My fiancée and I purchased a small starter home (2 Bed-2 Bath New Construction)  approximately a year ago using an FHA loan.

Lending is not a job for a do-it-yourselfer, and a title company is not the place to get loan documents.

My last two clients closed on houses that became 8 bedrooms rent by room house hacks that cash flow, so it is possible in this market.2) Multifamily - Purchase a 2-4 unit property with 5% down conventional loan, and live in one unit and rent out the others.

Coventional Loan

Coventional Loan

You can also consider finding a vacant building and using a construction loan to renovate it like new.Regarding the comment that the current climate to buy is bad- I"'ve been on this forum for some years- And each year someone says the climate to buy is bad. 

Review your loan documents carefully.

Can someone help explain the balloon portion of the loan?

I’ve bought 3 other STR’s, all with DSCR loans so that’s how I’d look to refi but not even sure that’s possible out of a bond for deed.