Loan interest so high, running into the wall now.

[Ashley Zhang]

Hi All, I felt like being defeated and have no idea how can I make it work. I talked to multiple local banks who told me that base on my loan to debt ratio, I am only qualified for the loan amount of 100k . I am in the market that even a mobile home will cost more than 100k, SFH normally is 250k ish. So I after some network and searching, I found a couple of financial lenders that will qualified me for 350K. I was very excited and thought I finally can move forward a little bit. this weekend, I found a duplex, and submitted an offer, thinking it's such a good deal since the numbers works. however when I went though the numbers in depth with lenders, I discovered that the interest rate will be 6.5% if I put down 15%, unless I put 30% down,I will get 5.75%. I wasn't prepared for it and I sure don't have that 30%. my calculation was base on 5% interest rate, now the extra 1.5% eat up big chunk of my profit. lucky me that I was bale to exit due to counter offer. But now, I am back to the start point and don't know what shall I do next step. keep looking for a better rate? or looking at a different market? Please guide, thank you all!