refinance affecting first time home buyer?

[Nathan Hickman]

Hello, thank you for any replies first and foremost. I am trying to get into my first deal which at first was going to be a wholesale. After weighing the benefits of holding the property, as it is a single family with a mother in law, with 4 bedrooms, two baths and two laundry areas. I have decided to try and hold onto using the buy rehab rent refinance method and ran into a serious possible downfall.This property would have to be bought with a hard money lender and then refinanced.

  I have never bought any real estate, therefore i qualify for a first time home buyers mortgage and i am curious if refinancing a home that is basically owned free and clear will eliminate my benefits of a first time home buyers loan on a larger multi unit property that i am planning to get into whenever possible.