Advice on proper way to secure deal

[Mike Casella]

Hello All,

I have a property that I am trying to invest in but I am hitting a road block when it comes to financing. The house is a foreclosure and I do not have enough cash for the 20% down payment. The listing price is 42,900 and the property needs some work. We have crunched the numbers and figured the FMV would be around 90k when finished with the required repairs.

The road block I am hitting is that the mortgage broker I am trying to go through has told me that the only way I can move forward with the property is if I have 20% down. I have to believe there is another way to secure this property without so much of my own money down. I have heard time and time again how people secure properties without using a single cent of their own money, but I just don't see that as possible at all. I'm not opposed to using my own money, but I just can't afford the full 20%.

Does anyone have any advice for me on what to do with this situation? If I have left any information out, please let me know. I would hate to lose this opportunity if there is a simple way around it.

Thanks in advance.