With FHA, you can get a 6% kickback from the seller, so your downpayment and closing costs would likely be covered. Since there would likely be no up-front payment, if the monthly payment is close to equivalent rent, you essentially have a free call option on any appreciation.
Hold the house for a couple of years and if it depreciates, stop paying the mortgage and wait for the government to kick you out. With any luck, there will be some defect in the mortgage and the government will never be able to kick you out and you’ll get a basically free house. Alternatively, you might be able to get the government to reduce your payments/principal. At the very least, you’ll be able to live housing-payment free while you wait to get evicted. If you do end up getting evicted, rent for a couple of years and then try again.
The problem with the system today is that shenanigans like this make economic sense even though it’s morally shitty.
