Looking for creative financing strategies with short credit history

[Jesse Brooks]

Hey everybody! I'm a new real estate agent in the Portland, Maine area. I'm full time as a real estate agent and also work 1099 as a carpentry apprentice on the side. I'm looking to buy my first property as a house hack ideally a 3 or 4 unit, and I have what could be a 3-5% down payment saved right now. I have a good credit score, but I'm concerned that given I'm going to have very low provable income for the next 2-3 years and not be able to secure a loan especially with a low down payment. I'm aware of seller financing as a possible option and will be on the lookout, but it certainly dramatically lowers my deal pool in an already incredibly competitive market. I'm wondering what other types of creative financing or loan products might be available for my situation. I'm ideally looking to avoid a partner, although I know that's probably one of the top options. 

[Bryce Jamison]

I'd recommend reaching out to a bunch of local lenders to tell them what you're looking for and your situation. They'll let you know if they have a product you currently qualify for, or what you'll need to do to qualify.

Anecdotally, I feel like personal residences are very easy to qualify for. If it's a multi-unit you could try a DSRC loan. If you don't already qualify, the answer may be you need to save a larger down payment, look for a cheaper property, or wait a few more months to build longer credit history.

Good luck and don't forget to save a beefy emergency fund!