Newbie house hacker needing advice

My usual advice to clients is to never ever listen to any mortgage financing advice from a Real Estate Agent. They are licensed to help you buy and sell homes. They are NOT licensed mortgage professionals. There are many rules to understand. First is that NON-owner occupied financing is higher risk, comes with higher interest rates, and bigger down payment requirements than owner occupied homes. As an owner occupied loan, you do sign paperwork that says you promise to live in the home at least one year. After which you can do whatever you want with the property. Next is single family homes versus multi-family homes. As single family, conventional financing starts at just 3% down if the loan is under $647,200 (in most states), and FHA is just 3.5% down. As a multi-family home, conventional jumps to a minimum of 15% down, but you get hammered with a higher rate and expensive mortgage insurance if you don't put at least 20% down. FHA loans on the other hand DO ALLOW you to buy a multi-family home with the same small 3.5% down as long as YOU live in one unit. FHA maximum loan limits vary across the country. You can look up the limits on my web site at https://joemetzler.com/fha-loan-limit-lookup/ I lend in MN WI IA ND SD. Find me at FirstTimeHomeBuyer-MN.com - Cambria Mortgage, NMLS 274132