Wait a year to start??

[Jesse Gargus-Smith]

So just last weekend I found a steal on a fourplex that would be a great house-hack. I called the REA on the deal, the seller had FHA financing available, would be willing to do renovations before closing, and the agent said we could probably get it for $20k less than list. The REA gives me a number for the mortgage company, I call them and give them my information. Now I know my credit isn't great. Less than 600, more than 500. I figured there would be a larger down payment on the loan, which is fine, I'm sure I could figure that out. I get a call back from the mortgage company, they pulled a credit score that wouldn't qualify me for a loan. Right after mentioning my low score, she says "Call us back in a year." A year. I have been humming and hawing and reading about investing for years with an "S". Now I'm supposed to wait a year for my credit to build before I can jump on a deal?? Is there anything I can do to still make this deal happen? I don't know if my bank would give me a conventional loan without having 20% down, and I definitely don't have that right now.

[Samantha Magina]

Do you have a possible cosigner? What's the cause for the bad credit? The bank isn't going to like a high debt to income ratio but they should be factoring in 75% of rents on a 4-plex.

Have you called multiple banks? You are going to get varying responses.