Understanding HML terms

[Gren Thomas]

I plan on purchasing my first flip soon. ARV $200k and lower because of HML rates and points. Trying to keep the cost down as much as possible. I have been contacting multiple HML in my area and I most have been saying I need a down payment of 25k - 35k. But theres this one company who says I don't need a down payment, but I need to have 20% liquid of the amount in the bank at 3.8% points. Is this common to not have to put a down payment? I'm trying to see if there's a catch here