MBReviewed by Mike Basti, Mortgage Broker & Founder · NMLS #377740
Quick Answer
You're generally eligible if you have a sound flip deal (passes the 70% rule), a clear renovation plan with contractor estimates, 620+ credit, and cash to close + reserves. First-timers qualify; experienced flippers get better pricing and leverage. No tax returns or DTI. See Requirements.
Who qualifies
✓ Strong fits
- First-time flippers with a strong deal + reserves
- Experienced flippers scaling their volume
- BRRRR investors flipping into a rental hold
- Contractors / builders adding rehab projects
- LLCs & entities doing business-purpose deals
✗ Weak fits
- Owner-occupants (this is investment-only)
- Deals with an inflated ARV and no margin
- No renovation plan or contractor estimates
- No cash to close / no reserves
- Buyers wanting a long-term loan (use DSCR)
First-timer reality check: You do not need prior flips to get funded — California lenders finance first-time flippers all the time. What you need instead is a deal that proves itself: a low enough purchase price, a defensible ARV from real comps, a licensed-contractor scope of work, a 15–20% cost contingency, and reserves. Start with a cosmetic rehab (paint, flooring, kitchen) rather than a structural gut for your first one — it's faster, cheaper to carry, and builds the track record that unlocks better terms on flip #2. We'll help you package a first deal that underwrites. See how to strengthen it →
How experience changes your terms
| Experience | Typical effect |
|---|---|
| First flip | Eligible; higher rate/points, more down |
| 1–4 flips | Better rate, higher LTC |
| 5+ recent flips | Top-tier: best rate, highest leverage, lowest points |
| Full-time / 10+ | Fastest approvals, repeat-borrower speed |
Eligible property & project types
| Type | Eligible? |
|---|---|
| Single-family investment flip | Yes — the classic |
| Condo / townhome | Yes |
| 1–4 unit | Yes |
| Cosmetic rehab | Ideal, esp. first-timers |
| Heavy / structural rehab, ADU add | Yes with experience & plan |
| Primary residence | No — investment only |
What's not eligible
- Owner-occupied — flip loans are business-purpose, non-owner-occupied only.
- No-margin deals — an inflated ARV that fails the 70% rule.
- No renovation plan — missing scope of work / contractor estimates.
- No cash to close — you still bring down payment + reserves (test it in the calculator).
Reviewed by the licensing team at Save Financial, a California-licensed mortgage brokerage (NMLS #377740, DRE #01875766) founded in 2009 and serving all 58 counties from offices in Newport Beach and Marina del Rey.