In my limited experience with HML, it was something like 2% loan fee and 12% interest on the FULL balance.  

Check with your lender.

@Anthony VaganosI haven't checked this in a long time.

So the though Hey I have an 800 fico and I should get a loan does not work.

Hi everyone, new to investing here but I've used the VA loan 3 times now and have had 2 at once so I have a good understanding of how it works.

On the other hand, if you're aiming for long-term rental properties, getting prequalified with a lender specializing in traditional loans or DSCR (Debt Service Coverage Ratio) loans is key.

They will go up to 100% loan to value or LTV (or used to). 

The interest rate on a HELOC or Heloan may be better than the personal loan. 

Make sure you talk to a Banker or Loan officer that is well versed in both SE (Self Employed) income and also Non/QM programs.One tip I will give you as a Banker is open up a "Business Checking account" and for the next 12 months pay "Everything" out of that account. 

People reinstate the loans and do loan modifications all the time.