Refinancing on a home with a HomeStyle Loan

[Arel Avellino]

This is my first purchase on a single family home. It's a foreclosure. Purchase price is $76K and the ARV is likely going to be $160k. I'm considering purchasing this property using a Fanny Mae Homestyle loan so I can get it rent ready.

Is there any reason I couldn't refinance this property afterward to leverage into a second purchase? After the renovations I should have over $40k of equity in the house.

[Brie Schmidt]

@Arel Avellino - Yes, you can refi if you made significant improvements after 6 months