Need lender for Investment property...please read! - Posted by Lora

Posted by Patrick S. Lawson on August 28, 2005 at 09:28:49:

Will the seller take a second?

Need lender for Investment property…please read! - Posted by Lora

Posted by Lora on August 27, 2005 at 12:20:04:

I impetuously made an offer on a house, confident that I had $15K in equity in a rental property I bought 6 mos ago (I saw the previous appraisal of $84k, the house was dropped to $74K, and I had put $7K down=$17K in equiity, right?) Well, the ‘table top’ appraisal of my rental property said it was $75K to $80k TOPS (it’s in a small town sw of Chicago…not a high demand area I guess).
So anyway, the house I want to buy is an old victorian 4 bedroom house that could be registered as an Historical Landmark (says realtor) on 2 1/2 acres w/tons of fruit trees and a great setting.
I had counted on the equity in my rental property to get the 10% down to buy this place and now I dont have it. W/borrowing from my 401k & tapping every other resource, I will still need $7k to come up w/the 10% down (house is $155K; realtor said when it’s restored by doing some cosmetic touches it should immediately be worth $189K).
My broker cant find anyone who will do a less than 10% down on an investment property. This house is beautiful and I know will be worth alot soon.

Does anyone know of any lenders in Illinois who can help me finance this w/less than 10% down?
My credit score is about 668 (it was over 704 but I own 3 other properties and have gotten equity lines against them which I think has brought down my score). I make about $36K a year, stable job history, 2 condo’s in Mpls worth a total of $220K but not alot of equity yet.
Can someone help me???
If so, please call 612-386-2216 (serious calls only please!) or email me.
I need to secure financing by Sept 2nd.
thanks so much!