What Type of Loan For a Creative Financing Deal?

[Carson Elmore]

Hello! I have a family member who is willing to loan me the down payment for a new property. They would also be able to cover most of the renovation costs. What type of loan should I be looking to qualify for? I spoke to my lender and this wont work for a conventional loan. I know people do this all the time, I am just not sure what type of loan I should be inquiring about.  

[Scott E.]

Nobody is going to give you a 1st mortgage if you are having somebody else giving you a loan for the down payment. What you're really asking for is 100% financing on an investment property that needs renovation. There is no lender out there who will do this.

If your family member was gifting you the funds, this would be another story.