Posted by Kristin on January 09, 1999 at 11:39:13:
If the positive cash flow does not cover all of the excess down payment required, find out if the lender will allow up to a 90% CLTV. Then ask the seller for up to a ten percent second. If the seller refuses, look for another lender who specializes in seconds. If your credit is acceptable, most lenders will allow a higher CLTV then the LTV they personally will cover. Also, ask them if they will allow gift funds for the excess, and you may be able to get the cash from a friend or business associate with a side note not attached to the property.