This is all indicative of a low interest rate environment. 

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

Some credit unions will go to 85%-95%, but there are just a few that will do 100% loan to value! 

I'd imagine at that cost you'd either be buying just a shell of a property or raw land.Thank you,how low have you ever bought a house for from these auctions?

A couple developers we work with skip LIHTC and the tax credits and go the route of impact funds to help alongside other debt and sometimes equity. 

@Jaycee Greene Yeah it is easy for one to get discouraged when buying this type of project but I must say they are decent when trying to start low and build capital, that way you dont have to deal with **** properties or mediocre neighborhoods again. 

@Jeffrey Bourque Are you planning to finance this with a local bank or credit union?

This seems unrealistically low for a 40 unit property.

We both have good credit but my lender made it seem like there was no getting around putting less than 25% down on an investment property.

Are the HML not good options or you believe that 75% is too low?