<prompt> Human: I was wondering about the idea of a first time home buyers loan and the feasability of using that offer as more of an investment tool than a future home. 3 of 200k is 6k. 6k! Thats my yearly IRA contribution which Im heavily considering throwing towards a home instead this year. 200k can get me a decent single bedroom apt or townhouse in my area. If I scrimp and save I could even put 910k together which puts me in the 300k property range assuming someone actually gives me a 3 loan. My credit score is firmly over 700 and climbing and Im in my mid 20s, making roughly 50k a year.. My longtime girlfriend is a bit more financially stable, with a 740 credit and more liquid savings. I dont nessecarily intend on involving her other than slipping living expenses as weve always done, but if an opportunity presented itself that I needed to, we are more than stable enough for me to consider involving her.If I were to live in the property for a year or two while I continue to establish myself I would also turn the 78k I pay in yearly rent into mortgageincometaxes as well. But I worry about resell value of course considering I know literally nothing about realestatecarpentrymaintenance etc. So I guess that said I have three questions. 1. How realistic is it for me to expect a 3 offer as a first time home buyer with a 710 credit score and having claimed 45k last year in my mid 20s?2. Is there any large penalty or unseen fee that could cripple this plan, not counting realators fee, yearly taxes, upfront taxes, potential hoa fees? Ive watched family members buysell homes and am aware of the many pitfalls.3. Is it legal and is it wise to waste a one time deal like that? I plan to raise a family one day and a home is obviously a cornerstone for that. What if this craps out and then Ive wasted by one time loan deal and probably tanked my credit in the process? Can the IRS fine me or jail me or something for not buying my forever home with my first time home buyers?  <response>: Can you afford the place with zero tenants, or if a tenant stops paying but wont leave and their pets destroy the place?Can you afford special assessments if they come up? 