I would try the owner finance rout with you putting money down.The reason I say this is I helped many people improve credit scores back when I was in residential years ago.It's not just about credit score anymore.A bank will see you starting a job in a new field after quitting school as high risk and not stable yet.Generally underwriters like to see 2 years in the same line of work for stability and to get an average for your income over time.They also do not like to use bonuses for debt ration versus income as that can swing wildly unlike a fixed amount.So for example if you are averaging 5,000 a month but 50% is bonus that is looked at more risky than 20% bonus and 80% salary.This is why I say even if you get the credit score up it will help but time on the job will be a big roadblock with conventional lenders.This is why with your cash I thought get a few owner finance deal sunder your belt purchasing correctly and then you can have assets and cash flow with built in equity.You can then use these properties as collateral with some lenders.As has been said they generally don't care who you are if the value is low enough going in.With credit it is simple you just challenge it on your report (check all 3) exquifax,experian,trans union and then they have up to 30 days generally to respond.If they don't respond with evidence it gets removed.Do not leave a written statement on the credit report if they won't take it off the first time as that does nothing for you.In fact it can actually hurt your chances of removal in the future.Also do not pay an old collection that is coming off in a few years.If you owe 1,000 and it has been in collections for 5 years and is slated to come off in 2 years then calling them up and even paying a dollar REFRESHES the collection and makes it new again.If you challenge it multiple times and cannot get it removed then you can try for "payment for deletion" where they wipe the negative account completely off the credit reports for settling the account.Make sure you get the agreement in writing or it's not worth anything.

Certainly, having the real estate (even raw land) as collateral provides more security for the lender and thus the loan will have better terms.

A rental house in Toledo had a fire and the city is escrowing $11,000 to be released to me upon demolitionI can get the permits and demo done for $6,000I've already signed my demo contract with the licensed demolition companyI'm looking to use hard money and thought these terms would be reasonable:short term ~3 month tops high interest hard money loan for $6,000 and a 10% interest ratea $250 referral fee upon the loan payout if they were referred I can sign a mortgage and a note for $6,000 on one of my paid off income generating rental houses to cross collateralized (to doubly protect) the money lenderIf for any reason I defaulted the lender would have the rights to the $11,000 escrow in addition to the deed of a paid off income generating rental houseI'm being told that that interest rate for hard money lenders won't be sufficient bc of the short term of the loanWhat terms are more fair or should I expect for this scenario?

Start the process of choosing an SBA lender to work with & collaborate to get your financial documents in order, it's not a slam dunk process.The more investors involved the more arduous the underwriting of the loan will become.In many instances the SBA required cross collateral (pledging your primary residence as collateral) just be prepared for that.

I'm 19 years old with NO Collateral as well.What's a young man to do in this situation?

Collateral: Specific asset used to securitize a loan.

@Gagandeep Thandiin order to qualify for a conventional loan, you would need the income, credit and collateral.

When you have more than 3, it falls outside limited partnerships of small entities, was funding equal or was one in for more than others, was collateral properly attributed to investments, is their management by a non-investor, all these aspects paint a picture of the entity, it's formation, purpose, use of funds, how were funds solicited, any prior business relationships between partners?  

Buy multiple properties with cash and then set up a Line of credit with the properties as collateral..That way you have the funds available whenever needed, but are not paying interest when the money is not required.I personally am trying to acquire 1 house per year paying cash for them.

The rate will be around 3% over fed funds rate (5 year treasury)The borrower is the seller and so I plan to use the house I'll lease as collateral.