Dan, It's going to be difficult, even in the best of financial times, to get a loan on a $950K purchase without putting at least 20% down. These days I'd expect 30%-50% down payment. You might could find some "hard money that will loan on a future value model if there are improvements to be made to the property which will significantly increase it's value but the rate/term will be less favorable than a traditional loan.
My suggestion is to look for a purchase at a price you can afford to put 30%-50% down payment into the deal....or offer the seller a lower price on the property you are currently considering.
Oct 23, 2008