Financing options

Does anyone have a financing source that would be able to fund the following scenario?

An 8 unit multi-family property listed at $225,000 in th state of Maine. My current credit score is approximately 630

Current owner would hold second in amount of $22,500 (10% of balance)
I would need a mortgage for the balance of $202,500

I know it is rare for any commercial programs to fund a loan where the new owner has no skin in the game, but I was wondering if anyone was aware of any potential programs that might be available for this scenario.

Thanks for any help you can provide.


michael, if worded right in the purchace agreement the $22,500 could be shown as a downpayment. If the seller is flexible and creative. Just a though.


and if you talk to some loan officers you can use the rents from those 8 apts. to get your debt to income ratio down and to raise your monthly income. You should qualify for at least a 70 or 75 %LTV