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Updated over 5 years ago,
Down Payment? + Owner Financing
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