The way I would structure what you are doing is acquiring a low money down conventional mortgage for your fist purchase. 

When I first start 8 years ago I was doing conventional loans.

This is the first deal I'm seriously considering without using conventional financing.

I'm adding a 60-day conventional financing contingency to help ensure that we have plenty of time to do our due diligence and I have a safe cushion in reserves in case the tenants fall on hard times.

Purchase a multi, live on one side and rent the other - Problem is, because I don't have any work history I can't use a conventional loan so the option of using a business line of credit with a lender is the direction im leading towards.

@Sameer S. are you buying a 2nd home with a conventional mortgage?

I was in the process of purchasing a REO, had conventional financing but was in the process of switching it to a FNMA Homestyle loan due to the appraisal calling for repairs before closing.

I was wondering what kind of terms different companies and people are offering on a conventional loan fix and flip.

However, stay tuned for updates in the HML/Non Conventional world in the next few weeks as the effects of the stimulus package begin to unfold. 

I’m currently trying to move from my current home (conventional mortgage) and apply for an FHA on a new property.