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Updated almost 2 years ago,
How to Utilize a High Down Payment and Good Credit to Leverage for First Purchase?
Hey!
I'm looking to get into my first deal in the next few coming weeks.
I've managed to build up a good chunk of cash to use in my first property purchase, and I am having a lot of trouble utilizing that cash as leverage to gain the required funds necessary to purchase the first property.
The property itself is a piece of raw land with a well and septic, the entire deal is going to be just about 100k, and I have 40k ready to go now. Land is in Maine!
I have looked at a variety of online financing options, SoFi etc, and have only been able to get approved for a personal loan of 25k, putting me just about at 65k, still too short.
I just want to know if there are any other kind of loans or programs available that would maybe be able to fill my financing gap?
I would try a standard route, but I have an odd employment history for anything conventional.
Thanks for any thoughts or insights, looking forward to getting my first deal!