How do first time homebuyers with no credit or fairly bad credit find a good deal on a house?

i have no credit and i have some bad things on my credit like hospital bills. i havent been working very long is it possible...!!!!VERY SERIOUS!!!! what about forclosure houses.. *how do i go about that?*

you can bid whatever you want on a house, its getting the mortgage that's going to be difficult. This is likely the toughest time to get a mortgage in our lifetimes.

i have bad credit and want to buy a house too...

you need to find a finance company that will finance u first...I didnt have any credit when i bought my first house...I went through a great lending company that helped me out...they used my job (7 years) and bank statments and whatnot
good luck

You have two separate issues at work here.

One: Houses. There are plenty of good deals out there, don't point yourself toward foreclosures only. Banks get appraisals and hire Realtors to market their properties, these are not going to be great deals. The banks can afford to sit on their properties until they get their price.

Two: Your credit. There are lenders who can work with you. Don't go to internet based lenders (like Di-Tech), they won't know about programs in your area that you might qualify for. A good lender will get you into the program that is best for you, not the one that makes them the most money.

It is possible, but work on doing the best you can to pay your bills on time now and save for a downpayment. I know this is hard during the holidays, but it will help your situation.

Good luck!

Like redwine said, getting a good price on a house isnt too hard these days. But if you cant get a mortgage to buy that house, it doesnt matter what price the seller agrees to sell it for. First go to a mortgage company and see how much of a mortgage you can get. Then go house shopping knowing how much house you can afford.

The deal you get on the house has nothing to do with your credit. Getting the financing for it does. The more money you can put down the better. With the changes in sub-prime (loans generally for sub-par credit) are making loans a little tougher. Your best bet is to get pre-approved. Another option you may want to look at is the rent-to-own or land contract deals. Also call FHA. THey might be able to direct you to several programs.

It's not a problem of finding a good deal. In today's market a good Realtor can find a good deal for you (and it doesn't cost you anything to have a Realtor work for you, when you are a buyer.)
Your problem is to find financing. If you can get a loan, you'll find a deal on a property, but what good is a good deal, if you cannot get a loan?
Talk to a local Realtor, he or she will recommend a lender. If the lender can get a loan for you, go from there.
And whatever you do, do not fall for online offers of "creative financing."

find a real estate person one you can trust, and mabey with a little luck you MIGHT get lucky ( good luck)

First: Please be aware that foreclosure houses are overpriced by the bank. There are no exceptions to this rule.

The bank wants a desperate buyer like you to pay for the mistakes of the bank. You have enough of your own problems without taking on the problems of the bank as well.

Some banks will offer you easy financing if you buy one of the properties that they took back in foreclosure.

These houses are always overpriced. There are no exceptions.

Also properties that were taken back in foreclosure often have a great deal of damage because the owners did not have the money to fix leaks on the roof and leaky water pipes.

Often there is a great deal of hidden water damage (dry rot) in foreclosed houses. The water damage is often hidden and quite expensive to fix.

In addition, the former owners often become quite hostile during the foreclosure process. The foreclosure process is quite unpleasant.

It is not uncommon to find holes punched in all of the walls and interior doors. Mute evidence to the anger and frustration of the former owners at their inability to solve their problems.

Also the former owners often see any remodeling that they did to the interior as their property and the often remove items of remodeling.

It is not uncommon to find the interior of the house stripped to the studs and subfloor.

All of the kitchen cabinets, appliances and even the kitchen sink are often removed. All of the bathroom fixtures including the bathtubs, toilets, and vanities are often removed

Often the flooring itself is removed throughout the house down to the subfloor ar at the very least, the underlayment.

The cost to repair the damages to a foreclosed house are often $150,000 to $200,000 or more.

If you are already having financial problems, buying a foreclosed house will only make your financial problems worse.

You could easily lose the foreclosed house that you bought, to foreclosure.

I have seen that happen.

I recommend that you get the things that caused you to have financial problems repaired before you attempt to buy a house.

Hire an attorney to repair your credit. Attorneys who do credit repair generally do not advertise the fact, however attorneys who specialize in real estate law often can give you a referral to an attorney who does credit repair.

CAUTION:

DO NOT USE SOMEONE WHO IS NOT AN ATTORNEY TO REPAIR YOUR CREDIT. CREDIT REPAIR IS AN AREA WHERE THERE ARE A LARGE NUMBER OF SCAMS.

AN ATTORNEY WHO IS A MEMBER OF THE BAR AND LICENSED TO PRACTICE LAW WILL BE BOTH LEGITIMATE AND COMPETENT TO REPAIR YOUR CREDIT.

Unfortunately there are no good deals for people with credit problems. I am sorry to hear about the hospital bills.

I strongly recommend that you correct the things in your life that caused you to have credit problems before you try to buy a house.

If you do not correct the things that caused you to have credit problems, those things will cause you to lose the house and that will only make your problems worse.

.

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