2nd mortgage acquisition on a primary residence/Time restriction?
If I were buying a home through Fannie Mae's First Look Program, would it be possible to obtain a 2nd Mortgage to recoup equity within that year? Example: Buy house- spend 30k on rehab, finish within the first 3-6 months- end up with 100k in equity. Would I be able to get a 2nd mortgage in that first 3-6 months of owner-occupying? If not, how long would I have to wait? Is this a plausible strategy?
Any advice or insight is greatly appreciated!!
-Tyler