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Updated almost 4 years ago,
1st Property Under Contract, How should I finance
Hello Bigger Pockets community.
I am under contract for my first property, however I have yet to finalize a loan. The recent changes that have been implied on banks have made me a bit hesitant and I am not sure what would my best option be.
Here are the details of the project.
Purchase price 107,500
ARV: 180,000
Est. Rehab 30,000
Available capital for project: $30,000
I've got good credit score, but am self employed and am unable to get a direct loan from a bank under my name. I am thinking to co-finance with a family member who's got a stable job and good W2, so I know they are good to get a loan under their name, but I'm thinking maybe there is a better way for my to finance this other than thru traditional Fannie Mae route.
Please help, all the best,
Sebastian