Has anyone ever applied for a conventional loan and just used a hml for the 20% down payment? Is it possible to then turn around maybe 6 months later and refinance that 20% down payment with the conventional loan company you are currently using?
You can't use hard money as a down payment on a conventional loan.
The down payment must come from the borrower or borrowers on the note. The policy mostly to prevent straw buyers (an investor using your name and credit to buy a property, and his down payment), but also to ensure the investor has skin in the game.
Down Payment can not be borrowed on conventional loans