I know I will have to put down at least 20% with an FHA loan.

Essentially I am finding and procuring the land/lot via traditional financing and funding everything through the development phase until we get to Construction Loan. 

Hi Flavia, the loan is 3.99%, which is not happening in today's market.  

This would help you potentially qualify for an FHA loan when you execute the purchase option.Option 2: 5% payment for the option with the option payment spread out over 12 months from the 2nd month until the 13thmonth.

**Financing Risks:** High-interest rates on pre-construction loans can impact your overall return, especially with rising cost of capital.

Should I ask if he has a loan on the property that is assumable?

Thank you in advance. ( Also I'm in the middle of BRRR book so I'm feeling motivated ) I think the minimum credit score for a conventional loan is 620 and for FHA it's 580.

You could do an 80% LTV cash out on a DSCR loan, however you will need to be able to debt service at the higher loan amount and rate to qualify.

I'm assuming that what you describe as a "hard money loan" really is a "hard money loan". 

We are open to getting a home renovation loan and finding something cheaper and renovating, but we still can't get into the prime areas for the budget.We have been advised to make sure to choose an area insulated with good schools and parks but that's just not possible with our budget unless we go to the suburbs, which we are not willing to do.