Buy First Property For Ourselves

[Brandon G.]

My wife and I have decided we need to make our first deal our own house. The problem is we don't want to tie up our cash so was considering using a mortgage. We both have 0 credit history so was considering an FHA loan.

My main concern is since it's so difficult to find deals right now in Dallas, won't having to use a loan to do the deal make it even more difficult since motivated sellers want cash buyers? If I were to buy with cash and then refinance out with an FHA loan, would that be a good idea? If so, how long would this tie our cash up? Anyone have any advice?