Newbie question on financing rental property

Hello Everyone, I have a finance question concerning a rental property. I found a duplex going for 240k in south Jersey, I can probably get this property 20% below listing. My question is can I finance the whole price, I have a great credit score around 780 but unfortunately was just layed off from my job, also the one half of the property is rented to a person who has been there for 3 years, pays 1000.00 a month and the other side that is vacant can rent between 1000 & 1200. only needs minor clean up, paint and carpet. What do you think would be the best way to proceed. Thanks in advance

How are you? I sent you an email regarding this situation.


If the property is going to be your primary residence then there is 100% true no doc programs available…if not than you can cross your fingers and hope for 95%, but expect 90%.

As Patrick advised, there are programs that will allow you to get financing without a job. Sometimes up to 100%.

After you purchase, you should be able to then turn around and do a cash out refinance to pullout the additional equity. Maybe not all 20%.


IF your sellers are willing to walk away from 20% equity why not do a SELLER PAID GRANT

and get a 80%LTV NO DOC LOAN with a grant now the lender has to know about this and it has to show on the HUD and you can still get this done it is as EASY AS 1 2 3

wha la

this is the answer you are looking for.


Seller Paid Grant or Parking lot deal or Forgivable Seller Second.

Make sure your title company is aware of this seperate contract/agreement between you and seller.

Make sure that you have the 20% Seller Paid Grant down as earnest money held not your name but an LLC or of the like on sales contract as to not spook the lender.

All very legal, it’s all in the writing.

no job… ok
no assets… ok
no income… ok

get in at 80% LTV of sales price and obtain instant equity!

need 680 credit score or higher to make deal work…

works with 85% or 15% Seller Grants

many lenders + many programs = many homes for you.