How do I get around 10% down?

Im purchasing my first property and lenders what 10%. So how do I come up with this money, without using my own? I’m borrowing 105K the townhome is appraised at 116K.
Any ideas?


Howdy Scott:

There are several ways:

Seller finance. Undisclosed if necessary
Home Equity Line of Credit
Private lenders
1st or 2nd or 3rd on another property
Personal Line of credit at bank
Or like me sometimes Pawn Shop

There are creative ways as well Like jack up the sales price for like repairs or something and then keep the cash.

Lets help Scott with other ways and add to the above list. Get your creative juices flowing


Scott -

I’m assuming your credit rating is the reason they are asking for money down. Otherwise, I’d shop around more. You can get 80/20 (100%) NOO loans, but I believe you need very good credit. I got one recently with a score of 735, but have other debt, so I’m assuming anything around that figure would qualify you.

Score is 706, so and my debt/income ratio is very good. No CC debt, no car payments, only debt is 122K mortgage on my house that appraised at 215K. So I think shoping around more is what ill try. But, while im doing that should I be looking for something in particular with lenders?



You have very good credit. You need to contact a mortgage broker. What location are you in? I know that unless there is a catch somewhere, you can get a 100% NOO 80/20. What is the job situation?


Im in New Mexico, Albuqueque to be exact… I work for Intel Corp. make 55K. Been here 8 years. Just frustrated how hard it is to get a good deal on the first investment property.

well you can got to this post for some ideas;action=display;threadid=4002

You can also uses Grants instead of seller finacing and it call me alot cleaner to do with some of the lenders I use.

Or your can use a combination of grants and seller financing also