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Updated over 5 years ago,

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10
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0
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Peter Campagna
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10
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Down Payment? + Owner Financing

Peter Campagna
Posted

Hi everyone. Does anybody have a suggestion on how to get down payment money?

Here is my situation:

  • I live in Southern California, housing is expensive. 
  • I don't seem to have much trouble finding owner financing deals, per se. 
  • I have great credit. 
  • I don't make a ton of money and all the money I do make I can only put a little away at a time (because: SoCal). 
  • Hard money lenders don't like doing down payments.
  • Owner financing wants at least 25% down.
  • With any debt to income ratio I've tested it doesn't work for conventional financing.
  • Even conventional financing requires AT LEAST 3% (which I don't have because: SoCal, but I'm also not looking to live in it (my rent is 1/3 of the comps).

What have you done/what would you do? Is there another thread that might have already answered this?

Thanks y'all,

Pete

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