Need Financing Advice

3 Replies

The neighbor is offering to sell his house to me off market at a great value. I have 40% down payment and amazing credit score and credit history. The issue is that I am self employed and I dont show any income on paper, so the bank won't consider loaning me money due to "low income" This is an amazing opportunity and I have it under contract but I'm about 100k short, how do I get that financing to get to the closing table? Thanks

I would jump at the opportunity. Where is the property located? How long are they willing to carry the loan? APR %? Etc....Etc....Lots of unanswered questions, however I would not turn it down. The key factor, you being the negotiator, if you feel strong in this position and if you do not. reach out to a real estate investor and negotiate a percentage you are willing to provide for their service. I would reach out to a local real estate broker and pick their brain or even reach out to a lender and ask them about the different options they are throwing out at you.

You can do what’s called a non-agency product where they use alternative income sources such as 12 months average bank deposits, or no ratio program or DSC (debt service coverage) or you can do a conventional loan as an investment property and use the net rental income to qualify with. Feel free to message me, I close in all states