New York SONYMA loan?

[Justin H.]

Hey Folks.

I'm 25 years old. Looking to buy my first property.

Right now I need a place to live, so I'm looking into the New York Sonyma loan (google it, the forum won't let me post hyperlinks yet).

Anyways. I want to purchase a 2 family home in Western New York, using this low interest loan.

I would occupy 1 unit as my main residence, and would rent out the other side.

A few questions for people who have dealt with this program..

Do they allow half of the multi family home to be rented out, or are they focused on only owners living in the home?

The property I am looking at is two properties on one lot, basically a house and a carriage house next to it.

My strategy is going to be to live in one unit for a while, then cash out the equity and rent both units out, and buy another one.

I'll have to get some specifics on the program to see how long I have to live in the house.

Thanks,
Justin