Best loans to flip a home?

[Tyler Bougie]

My girlfriend and I are looking to live in a fixer upper and flip it to sell after. This will be our first home and want to know which loans are better in our favor for overall costs. We've looked at FHA 203k loans and private lenders aswell as hard lenders. Any advice from people who have done flips would be much appreciated. We just want some good ideas and to be knowledgeable on these options for future reference if we continue to do house flipping.

[Steven Skinner]

@Tyler Bougie - You're on the right track with the FHA 203(k), and you could also check out the Fannie Mae HomeStyle loan as it's similar, but with a slightly larger down-payment, I believe. What @Dan Beaulieu suggested seems like a well-enough idea, but I think you're wanting to ultimately sell the home you're moving into? If you go that route, either be confident beforehand that you'll be able to secure the institutional financing needed, or be ready to sell (meaning you'll never end up living there at all, obviously). Some hard money lenders have terms that exceed 1-3+ years, so it depends on your specific situation, however with it being owner-occupied the majority would likely opt-out. With private lenders, there are no "set" terms, so you can negotiate until your head spins. There are a handful of approaches here. Just keep doing your research and balancing out what best suits your individual situation. Good luck!