Help! Looking for Creative Financing Options

[Melissa Szanati]

I am in a weird situation. I'm a full time employee with benefits and a 401K with good credit but I cannot get traditional financing, because I am also a stand up comic. As a comic I make a little money, but I write off more expenses so I still take a business loss on my taxes and that is the issue I'm running into trying to get pre-approved with traditional lenders. 

I'm a licensed broker and saw on the MLS a foreclosed 2 bed condo currently priced at $134,900. With association fees and a mortgage on this property at even 4.5% my mortgage payment would be around $684 a month (association fees are $200). $884 a month would be less than renting a studio in Chicago. My building sold so they don't want to resign leases, only month to month.

If I could swing financing for this 2 bed condo I would rent a room to a roommate to cover the mortgage. I already have a roommate in place who is month to month at her place. 

Anyone have any creative ideas? The seller notes said the bank may finance up to 95%, so I'm going to reach out to the bank that owns the unit and see if there is something we can work out. The price has dropped from $159,000 and has been on the market since January so they seem motivated. The unit has been winterized but other than potential issues with the plumbing from not being used the unit looks good. 

Any thoughts and suggestions are much appreciated!