Arizona Lenders
I just recently got into real estate approx 6 months ago by purchasing my first home a 1400 sqft property in NW arizona for approx 100k. The house was a HUD foreclosure and I purchased it with the intent to occupy so by law I have to live in the house for a year. I have a job as an ICU registered nurse, and my spouse is also a nurse and our primary residence mortgage is approx 10% of our net monthly income. I have approx 30k of equity into the house at this time.
I have learned a lot renovating this property on our own, tile, paint, countertops, appliances, plumbing, etc and wanted to transition the learning into a fix and flip property.
I've been checking the local mls wardexre site and found what I believe to be a good project for a fix an flip. I have decent credit 700-720. Approx 20k left in the bank. The estimated property price will be 75-80k. Renovations I have estimated between 5-10k, depending on how much work I do myself. At 20% down in cash I will have nearly nothing left in cash after closing costs to renovate so I am now looking at financing options. The only problem I am having is coming up with 20% down on a second home purchase. What are my options as far as financing? Are there any lenders willing to do 10% down on a second home mortgage? If 20% is the best I can do, what is the best way to go about financing the mortgage? Can I finance 10% of the downpayment separately with a home equity loan? or all 20% with a separate with a home equity loan?