How to find 100% financing for REO with minor repairs
I think I may have found a good deal, however, I'm not sure of the best approach to finance.
Background: I work a regular 9 to 5 with pretty good pay and have a credit score around 795. Currently have two rentals one has been been rented with zero vacancy for the last 15 years and the other is just about to be placed into service. There is a mortgage on the first rental with maybe only about 25K equity at the moment and the second rental has no mortgage.
Possible Deal: 5K plus square feet with 24 acres close to a small college town built in 2003 4 br 4.5 bath with 3 of the four bedrooms having their own bathroom. It does need very minor repairs but nothing major.
It's currently owned by the bank and I believe they would accept around 333K. I believe that the ARV would be at least near 500K.
Problem: I'm not familiar with attempting to finance a REO property and I know that most bigger banks will probably not even entertain the idea since I don't currently have the 20% down payment available. I've thought of trying to do an equity loan on the second rental I have to cover it but not sure if that's a good idea or not.
Anyone have any thoughts or ideas?