New investor financing
I currently have a house under a mortgage and am having a very difficult time finding a way to finance an investment property. There is no chance we can qualify for conventional in our area as anything over 200k will put us over a .5 debt to income ratio. And here in Oregon most locations start out at 250k for a rehab project and 300k for a low end turn key.
We have found one private lender who maybe would work for a rehab flip project but charging 1% interst only per month and only financing the house means we have to get creative for financing the rehab. I currently have some equity in our home I could tap into but was planning on using that to cover the required 20% down payment for this lender and that would leave only about half of our equity to work with on financing the rehab.
Hoping to get some insight on other options I can look into other than waiting another year or 2 to save some money for a bigger down payment for conventional lending.