Need a private lender or hard money loan for first purchase

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Need a private lender or hard money loan for first purchase

Member since 2019 · 1 post · 0 votes

Hello! I'm looking to invest in my first property through house hacking but I don't qualify for a traditional loan due to my employment history. I don't personally know anyone who will loan me 500k+ and seller financing isn't something I ever come across in my area. I'm wondering how else can I finance my first purchase?

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Eugene Neal
Lender · Member since 2022 · 138 posts · 20 votes
2y
Quote from @Crystal Thomas:

Hello! I'm looking to invest in my first property through house hacking but I don't qualify for a traditional loan due to my employment history. I don't personally know anyone who will loan me 500k+ and seller financing isn't something I ever come across in my area. I'm wondering how else can I finance my first purchase?

How much are you looking to place down on the property?
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Erik EstradaBusiness Member
Lender · Member since 2022 · 6k+ posts · 1k+ votes
2y
Quote from @Crystal Thomas:

Hello! I'm looking to invest in my first property through house hacking but I don't qualify for a traditional loan due to my employment history. I don't personally know anyone who will loan me 500k+ and seller financing isn't something I ever come across in my area. I'm wondering how else can I finance my first purchase?

There are a few ways to approach this,
1. Get a Non-Occupant Co-Signer with employment history and income
2. Qualify for NONQM financing (either a 12 month bank statement program or P&L - Must be self-employed.
3. Get the work history
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