I have a question about combining FHA along with hard money. Theoretically speaking, I find a deal on the MLS that's outdated and needs to be gutted for the most part. Can I use FHA with 3.5% down to buy this said property and then get hard money to rehab this said property? Pros and cons? Will the refinance work the same? Or would the occupancy for a year that is required for the FHA stop this process? Any recommendation is helpful.

Seems like you might be over leveraged this way....

@Dereck Clark bigger question may be will fha loan on a property that needs to be gutted.

You would just use a 203k loan.

@Jonathan Greene that was my original thought. However, I called multiple lenders around my area and all of their 203k loans are suspended for now.

@Dereck Clark No, you can not combine fha and HM....1) HML's can not legally loan on owner occupant 2) the HML will require a 1st mtg.

@Wayne Brooks also, FHA wont finance properties that dont meet the minimum property standards for safety and livability. Youd have to apply for a 203k fha loan. Check all the lenders in your state who have closed these loans my looking at the fha 203k endorsement list. Perhaps one of them will still approve a 203k.

@Dereck Clark

No you can't combine FHA with hard money.

You can combine it with down payment assistance programs, but honestly it just creates another complexity to the loan that will make it very difficult for you to close.