Hello Everyone,
I would like to purchase my first investment property. I’m right over 760 credit score; however, I do not have the cash required for a deposit. Any realistic options for 100% financing without signing over my first born? Thanks in advance.
Why do you think that your options include signing over your first born?
I don’t understand.
Consider using your credit to get a money purchase first mortgage and then have the seller take back a second mortgage to get a hundred percent financing or perhaps if the deal makes sense to over find without money purchase first and seller second where you get some money back at the closing table…just make sure that the property will cover your expenses especially if you over fun and make sure that there is full disclosure in your loan application.
If the banks won’t finance you that way then look for private funding through pension plans and IRA’s.
Hope this helps.
Rob