From what I’ve read here, it seems alot of people do purchase properities with No Money Down. I’ve got an offer in on my first potential property…a duplex for $65,000 with $9600 yearly income. My lender says I need 20% down. (credit score is around 650).
Can some experienced REIs tell me different ways to get in a property with nothing down?
Yep, find another lender.
With a 650 credit score, any mortgage broker worth the money can easily get you 95-100% financing, either full 100% or 80/20 splits.
There are many ways to do no money down deals, but each deal is different and there is no way to know what might (or might not) work unless you know all of the details of the deal.
you are trying to go no doc. With 650, it would be better to go stated income/verified assets with 10% down… on a non owner occupied property, utilizing an 80% first / 10% second bringing you to 90%CLTV.