Updated over 4 years ago on . Most recent reply
Purchase a rental property using OPM to complete 20% down
I am looking to buy a rental property for 170k using a conventional loan.
The lender requires 20% to fund the purchase, and wants to see the money in my account ( seasoned for at least 60 days)
The problem is I only have 10%, and the other 10% will come from a relative. The bank won’t accept gifts to buy investment properties. ( Fannie Mae and Freddie Mac policies)
It’s a great deal and I don’t want to miss out.
What options do I have?