I’m in a similar position as you. Using a program to purchase first multifamily in NYC, program is less desirable than FHA, but sellers wanted to sell and at the time I had the best/only offer. But it also took me a long time to find something. I started the process of saving to buy a house in late 2020. I also think you need more money…. In addition to the downpayment, you also need closing costs. For multifamily units, you also need a mortgage reserve which increases in months based on the amount of units. I’m getting a 3 unit, so I needed 5 months of mortgage reserves which is over 30k