First time home buyer, HML vs Traditional financing

Hi friends,

I am looking for my primary residence house. My friend recommended me to look for an off-market house. I saw some good deals from wholesalers, but all they request to pay cash or hard money.

Is it wise to use hard money to purchase primary residence, rehab, refinance, and move in? I know there is a lot of financing options for the first home buyer if you buy an on-market house. I have good credit. I can put down 20%, I don't have issues to finance that way.   However, it means i have to pay the retail price. is it a bad or good idea to purchase a cheaper house this way?

Thanks,

Dana