Need A Pennsylvania Hard Money Source For Owner-Occupied Home

[Drew Weidner]

Hello,

 I need some help figuring out how to put a deal together.

Here are the details:

Home Value - $325,000

Selling Price - $285,000

Owner has an existing first mortgage of $190,000 that needs to be cleared. He is willing to hold a 2nd for the balance. I am self-employed for less than two years but have great credit (730+ FICO). My tax returns don'w show income to support a  $285,000 mortgage, but I can afford to pay it. I have about $10,000 - $15,000 to put down including closing costs. Every lender I talk to says I need to come up with about 10%, plus closing costs, plus 6 months reserves to put a deal together, that I can't rely on the equity in the property.

The house is a great deal and I'm only looking for about 60% LTV. It seems like this should be fairly easy to put together, but I keep running into road blocks.

Any advice?

Thanks!