How to get 80% LTV Loan Instead of 20% Down on Purchase Price?

[Billy Bell]

Hello,

I'm trying to figure out how I can buy a property with none of my own money down, since I am picking it up for well under market value.

Here's the details for more accurate advice:

Duplex in Indianapolis, IN.

3/1 each side. Currently rented at $700/per side, tenants pay utilities. 

Fully renovated in last couple months.

Perfect comp a few doors down just appraised at 120k.

I'm picking mine up at 88k.

Conventional lenders are forcing me to put down 20-25% of purchase price even though this will appraise much higher than my purchase price. My purchase price of 88k is 73% or theoretical appraised value.

So how do I find a lender that will loan me 100% of the purchase price and use the built in equity (difference in value to purchase price) as my down payment, so I don't have to fork over a big chunk of cash for a downpayment?

Or is there a refinancing hack I am missing?

Thank you all!

Billy Bell