Hello, My wife and I found some property (4.7 acres) for sale that we both just absolutely love. It has everything we’re both looking for; privacy, acrage, clean area, nice people. We currently are in a mortage and have been paying on it for 3 1/2 years now. It is not an all intrest mortgage, so we have already developed some equity, not much. We are about to put it on the market soon. This land we found is $29,900. I am looking for a loan torwards it right now, here is the problem. I have no liquidated assets for a downpayment at the moment. Generally all “land loans” want a 20% downpayment (~ $6500). I am 27 yrs old, married, have a spotless credit history, never missed a payment. Have a 98 toyota tacoma that is fully paid, $10,000 of retirement I can borrow against. The thing is there is another couple I know of that wants this property and they do have a downpayment avaliable. They haven’t jumped on it yet, but are probably going to soon if I dont grab it. It is not seller financed, but the fact is they could jump on it SOON. How can I buy this property ASAP? We want this land and are willing to be a tad bit creative and risky, but within reason. How do we get our dream property. Oh, and we are planning on selling our home and staying out at my parents till we build if we get it. I would love to sale my home soon and use money made as payoff for the land, but only in a perfect world, would be sold by then. I am %100 capable of taking on this land and payment. Have a EXCELLENT paying job and no issues whatsoever paying it off in less than 2 yrs. How do I jump on this and find %100 (or similar) financing towards it. Please no “Its not possible, forget it” type responses. If you know of a way or are given the gift of financial advice please help me. What to do, what to do? Thanks

Answer:
There are probably 30 different options you can use to “take down” this property. Off the top of my head, I’ll cover several of them for you, as follows: 1. I understand you need 20% down for an 80% loan to value, or approximately $6,500 per your note above. These monies can come as a gift from a relative or close family friend. 2. You can sell personal property totalling the $6,500 (ebay, Amazon, Craig’s List, etc.) 3. “Borrow” the Down payment from credit card advances, signature lines of credit, new installment loans, etc. 4. Borrower against a 401k or IRA account. 5. Get a construction loan, and use “sweat equity” for the down payment. 6. Get a grant from your City, County or State 7. Join an investment savings club 8. Borrow against your tax returns, assuming you are getting a refund. 9. Borrow against a relative’s personal property, their credit card advances, installment loans, etc. 10. Bring in an investor to purchase the property with you retaining a firm option to purchase with monthly payments, a premium price in two years, etc. 11. Seller carry back financing on the 20% at a premium 12. Bank loans for first time homebuyers to 100% are possible (income limitations apply) 13. Some Grants have municipal equity participations, or prohibit sales for a number of years. Do some research here on Google. 14. Bridal registry accounts can be used for down payment accumulations. 15. Roth IRA’s can be liquidated for first time homebuyers without penalty. Be creative and resourceful. $6,500 is not a giant, insurmountable sum of money. Where there’s a will, there’s definitely a way, particularly since you can handle the payments, have good credit, etc. Good luck to you.