Financing question

I’m interested it purchasing my first investment property, but I’m not too sure what my financing options are.

The property is listed at $240K and needs approx. $12,000 in repairs/remodel; similar properties nearby go for $300K (The property is an estate sale and has some serious 70’s decor issues). I’ll be doing much of the work myself, and think it’ll take 3-4 months to complete (I have experience, having fixed up my own house which was in way worse shape, and reliable contractors for what I can’t handle myself).

I have excellent credit - my score is 774, and a ton of equity in my own home (220K w/ 90K mortage in a rapidly appreciating market), my only other debt is college loans. I have approx 35K cash on hand.
BUT… my salary is too low for traditional loans.

Any advice is appreciated!

With the score and assets that you describe, a Stated income or SIVA (Stated Income Verified Assets) loan is probably the best way to go. They will verify your employment, not income. You have assets which is good!That keeps you from having to go completely NO DOC…which are not the best rates.

You will just need to decide what LTV you will be requiring and then get yourself preapproved.

Depending on the loan parameters that you are seeking (LTV) you should qualify for jus tabout any program available.

Are you flipping?

Hello, My advise is always to go traditonal first. If they have turned you down because of your income, you could use a HML or a private money investor. But I’m sure that with the credit score that you have, someone here on the posts would be able to fit you into a program without needing to pay the higher interest and fees.

Thanks for the ideas…
And yes, I’m planning to flip.