Owner occupied loan for fixer upper

[David Maldonado]

Hey BP community!

I am coming up on my 1 year occupancy requirement next month and will need to move to Fresno ca for college (also because the market is so much more affordable). I have used half my entitlement of my va for my current home. I am debating whether to go with the no money down with the va loan, but won't have full entitlement. Or go conventional (Navy fed has 5% down no pmi) and qualify for a higher loan amount but ultimately I want to find out about how to get a rehab loan in order to buy a fixer upper that I want to live in. I know the va is more strict when it comes to "livable conditions."  I would prefer to buy a home in Clovis ca if the deal is right.

[Brent Paul]

Some things to consider is your payment will likely be higher with no money down. But 5% down with no PMI is pretty good too. If the VA is strict and you would like to build equity with some sweat equity than your best bet might be conventional.