Options for purchasing a multifamily! please help this is all new to me!!?

I am looking into buying a multifamily as an investment (not live in). I am 21 yrs old and have looked at all the mortgage options, I decided to go with 100% financing but they require I move in to the multifamily. Should I just say Im gonna move in? move in while I work on the house then when its ready to rent move out? please share your thoughts...

--Has anyone ever got around this?
Thank you

Attn: Tamara
Thanks for the help, I am wondering...If the only person that cares if I commit "fraud" is the bank and the loan officer said it doesnt matter how long I live there then who else is there to care about when I move out?

Hi Andrew,
You are making a great decision in becoming a property owner. You need to do these things properly, however. 100% financing is a very expensive way to go, as it is risky for the bank and for you,too. In addition to a higher interest rate you will be required to pay private mortgage insurance. You would be a lot better off if you had 20% to put down. Also, you want a fixed rate, as rates are good right now.
Next, make sure you pay under market value. It is a buyers market. Add up the value of the Total rents received in the building for 1 year, subtract insurance, property taxes, and any utilities & maintenance you will pay for building. Multiply that number by 9 or 10 to get an approximate price based on cash flow. You will need to have the place appraised by a pro, too.
About your question, after you move into your house you are free to move out of it. There shouldn't be any specific length of time required by the bank. Be prudent with this. Why not live there a while? If the bank feels you committed fraud they are free to call in your loan in full and report to the credit agencies. That would be bad.

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