Let's Talk Financing Strategies...I'm stumped

[Shalante Davis]

Hi, 

I am under contract with a DSCR loan for a 2 bed 1.1 bath town house condo for $80k. I just received my conditional approval and submitted my two conditions. The problem is my primary residence is in a special needs trust for my son that I have resided in for the past 10 years. I am only financially responsible for the utilities and have never purchased a property in my personal name (which was discussed with the lender prior), I have only bought a few fix and flips in my business name. Now, I pray that the lender will grant me an exception due to the primary residency issue.

Here is my issue, I was sick for the past 2.5 years and have not produced as a realtor at the rate years prior which is why DSCR Loan was ideal. I'm a 1099 employee and because I was sick, I itemized everything. I realized that there are very few lenders willing to lend on a property under $100K.

I can use some assistance strategizing a plan B on how to secure financing for this deal. 

Property Details:

Purchase Prices: $80k

Down Payment: 20%

Section 8 Rental Rate for Property Zip Code: $1976