This podcast explains how someone can invest in real estate in NYC and use FHA loans as a means of putting only 3.5% down.  Also, if they make less than $100k a year and at least $85k/year then they have an opportunity to buy a $1M + building.  It sounds to good to be true but it's real.  As long as the property is your primary residence and you rent out the other 3 units in the 4 unit building, you can do it!  This is how to invest in real estate part 1.