Help! Good deal, too cheap for financing!!

[Terra Gilbert]

I just got a contract for nice duplex that rents for $600 each side and is only $34k. I have $10k which I was planning to use for a down payment but my bank who originally gave me a preapproval of $45k since that is the price range I was shopping for, now is telling me they can't loan because the amount is too small. This is such a good deal, with potential cash flow of $800-900... How can I get this financed? I have another rental which has $30k in equity, so I could only pull $10k out of it, I would still have $14k plus closing costs left. 

[Michael Prout]

Terra:

Have you considered short term financing unsecured financing to acquire the house and get the conventional financing later? We can do up to $150K @ 0%. No VOE,VOR, Assets. Only need a 680 fico score. Let me know.

Michael Prout

Proutax Financial Services