Great Credit, Great Income, Pre Approved butNo Cash

[Joseph Calabria]

I have experience as a mortgage broker from 2004-2006. I've since been out of the loop but still learned valuable knowledge. My very close friend and not business partner wants me to help him with this knowledge to invest and make money together.

His criteria is as follows; first time home buyer, great credit, great income, government job and a veteran out of the air force branch of the national guard. Approved for %100 financing on a VA loan and the FHA 203k loan up to $375,000.

However the issue is we have no cash and want to buy multi families as cheap as $30,000 - $120,000 in upstate NY. Banks want anywhere from 20 - 30% down and 6 months reserves.

Not only are these houses already livable and have tenants but his income could easily cover these small mortgages. What would be the best way to acquire financing for these? Seller financing? Private lenders? Small local banks? Any advice is greatly appreciated, thank you!