Preferred Financing for REO ( VA,FHA,HomePath,Conv. )

[Michael Dunn]

Hello BP community. I have been researching and racking my brain on which type of Financing to go for. I qualify for VA,FHA,HomePath,Conv. My dilemma is in the amount I have set aside for Downpayment ( $7,500 at current time ). So a conventional loan is basically out of the equation ( considering most require 20% down ). That leaves the other Big 3 options.... VA,FHA,HomePath . What I'm trying to figure out is, is there a way I can get financed through one of the 3 aforementioned loans, and still be able to do ( all ) the renovations myself. I know I'm going to need a renovation loan attached to whatever loan I get, as I don't have enough money to finance the renovations myself with my own cash. So a Rehab loan is going to be a must. From my reading, all 3 loans require that you get a licensed contractor. Is there a way around having to hire a licensed contractor, and doing the work myself. I have the skills to do the work, I'm just not licensed. Also, I read that the FHA and VA are strict on homes that loan on, have to be move-in ready, and therefor, their inspections of homes is quite strict. I'd love to get a Coinv. loan, and have less red tape attached to my loan, and allow for the freedom to do the work myself, but my Cash on hand at the moment is no where near enough for the 20% down. I'm leaning VA loan, if I can get into a house for virually nothing down ( Funding fee ) and no PMI and then paying for any upgrades/Rehab out of my own pocket. Be saving big time on Labor costs if doing work myself. Well thank you BP community for taking time to read and offer your insight and knowledge . Very much appreciate it - Michael;