No Down not possible for second home??

**dbusher** · 01-22-2009, 11:42 AM

I have great credit and own a home.

I would like to put an offer (40K) on a home that has been foreclosed on. I want to use this home as a rental and already have renters avail.

I want to get a loan from a lending agency without having a down payment
I was told by my bank (BofA...which is also the bank that currently has the foreclusure listed) that they no longer offer loans without at least 20% down.

I could get 20% if I wanted to by either saving up for a couple of months or selling some stock but I dont feel I should have to do this with a good credit score and for such a small loan.

Any one know of a lender that might be able to help?

**Mike Taylor** · 01-23-2009, 04:02 AM

I don't think you are going to find anyone willing to lend 100% nowadays, especially to an investor. You have three strikes against your which you loan even harder to get: 1) no money down 2) Investor loan and 3) 40K loan amount. You should really speak to a local qualified mortgage broker in your area to determine what options you really have.

**Codythebest** · 01-23-2009, 05:12 AM

There is no 0 down loan anymore, even less for investment.
Even worse now, my last deal felt through and my buyer has a 6 digit salary, own his home, credit score of 720 and putting 35% down. He has been denied to buy a $115K investment property. He applied with 7 mortgage brokers. Tough time ahead...

**duckwall** · 01-25-2009, 01:13 PM

If you have good credit you could get a unsucured loan from a bank or contact a hard money lender for your down payment

Kirk Duckwall Realtor
Northern MN

**Nco** · 01-25-2009, 01:35 PM

Not through any major bank. Maybe you might want to find some private investors to cover the down payment for you? Try a peer-to-peer lender like prosper.com to get personal loan to cover the down payment? Borrow from friends/family?