Financing first deal

[Rick Ducote]

I recently inquired about financing a foreclosure property through my local bank. The property was bought back by Fannie Mae for $65,000. Sales in that area for similar properties run about $120,000 and it probably needs about $20,000 work done. Reviewing all the options, I can't finance this. Option 1: HELOC-i don't have enough equity in my current home to use this option. Option 2: Conventional loan - they want 80% LTV(either sale $ plus repairs or ARV whichever is less) and I don't have enough cash available to put this much down. Even if this deal doesn't work out, I still have a problem because it sounds like I can't get a deal financed not matter what unless it was around $20,000 or less. Any ideas out there? :cry: