Penalties for Using Conventional (non investment) loans for Flips

[Jamarla Edwards]

Hi,

I am about to purchase my first home, using conventional financing, and I plan to flip it within 3 months.  Are there any legal restrictions or financial penalties for using conventional financing (non investment) to flip a house? Are there  penalties for repaying the loan quickly? 

I want to make sure I consider all the drawbacks to using this financing option before moving forward. Thanks!