Questions on BRRRR - first time home buyers

[Ravonne Evans]

So I have excellent credit, and looking into houses for around 180-200K in Florida, in a military community. My plan was to rehab small cosmetic fixes then refinance in about a year because I will be living in it, the bank is saying I should qualify for a loan that basically pays for the whole down payment, anyways I was listening to a recent podcast on BRRR and they said it's usually with a personal line of credit, so is it possible to BRRR with first time home buyers program?

[Jason D.]

@Ravonne Evans it's possible, but may be difficult for you, based on what it sounds like your plan is. Buying wont be a problem... you will be an owner occupant so that will allow you to get conventional financing.

The refinance is what may be your problem. Its unlikely that you'll be able to build 20% - 30% equity with just cosmetic fixes, so your refinance won't allow you to pull all of your money back out.