First BP Post - Need help for quick purchase

[Mark Hummel]

Hello! 

First, I realize that I should do some digging on the forums for this topic, but I am pressed for time and need to make some great connections in information, knowledge, and perhaps financing options. 

Very short story, I want to purchase a home from a family member with failing health by the end of next month. This would be my first investment property. I don't have everything I need for the down payment with a conventional loan and either need creative financing or to learn as much as possible about seller financing as possible so I can explain that to them.

For anyone willing to connect or help me ramp up my knowledge fast, I would love to connect for a quick 

Thanks! 

[Katie Phillips]

@Mark Hummel Are you able to put your family member on the loan? You can provide the down payment, income, and credit, but if they are on the loan, the home will be considered a primary residence. The down payment requirements can be as low as 5% instead of 15-20% for an investment. If you own your home, maybe you could tap into that equity or do a cash-out refinance?