Financing my first buy
I am looking at a house built I'm 1983 that is in a good neighborhood, full of the same style renovated, modern looking homes. The asking price is 50k, and I am looking to offer 40. Previous tax assessments and property value in the neighborhood put the value at about 80k after it is fixed up. It needs about 15k of work, all of which I could do myself. My question is, I don't have a lot of capital to work with, but steady and decent pay checks. Now, if I could get about 7k in down payment and closing costs, I can use an FHA loan which I am already pre-approved for. However, would the VA loan benefit me if I plan on refinancing to a conventional after renovations, in order to cash out and rent out? Or would my money be better placed in an FHA loan where I would probably be doing the same thing?