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jozwiak36 | Is it hard to buy a house with poor credit and with out a down payment? |
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Paca
 |
Hello,
Bottom line, yes.
I'm no expert in this area however my past experience may help.
Alot depends on the banking instutution´, the seller, and the realators you are working with. Are you a vet? Low intrest no down payment loans used to be available to veterans, I'm not sure now. It seems funny but banks will charge a slightly higher intrest rate to parties with bad credit ratings which dosn't make sense because the bank is going to charge more to a person who has had trouble paying in the past . I once bought a house without a down payment, this gets a little tricky if the house does not appraise well. It is possible to inflate the selling price of the house to cover a down payment. example: You want to buy a house priced at $100,000. To secure the loan you need 10% down or $10,000. You tell the bank the selling price of the home is $111,000 , you tell the bank you are putting 10% down or $11,100 down and need to borrow $100,000 to buy the home. As long as the house appraises for 111,000 by the bank and a lot of other factors fall in place. |
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robert w
|
is it hard Yes. is it possible Yes. should you do it NO. the banks win and you will lose big time.visit daveramsey.com to learn what the banks don't want you to learn ever.
if you got no money and do not understand how to manage it - you should not do it.
you are in a bad place now - why get in worse place? |
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shesus913
|
The answer depends on how "poor" your credit is. Mortgage late payments, foreclosures and judgements will affect your credit score more than medical collections, slow pays on credit cards etc. Whether you can qualify or not depends on your credit score and the type of "poor" credit you have. Getting financing without a down payment is a riskier type of loan for the investor and your credit will be scrutinized more. What you should do is find a reputable mortgage broker who will agree to look at your situation and give you an idea of what you can/can't do. You might be surprised. |
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markos m
 |
Regrettably, it is very hard unless the bank you'll deal with lost its mind. |
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ChaCha
 |
depends on your income level.
If you don't make alot try getting a grant or a first time home buyers loan. They are usually lenient about pesky credit issues. |
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The Responder
|
NO, JUST PAY FOR 95% OF IT UP FRONT, MANY BROKERS WILL LIKELY ACCEPT THAT DEAL. |
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ladsmrt
 |
You bet it is! |
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David P
|
i have specialized in this area of mortgages for a long time, in fact i have helped over 600 people in the life of my career to purchase homes for thier families. i enjoy my work, and i am confident that i can help you. but i will need your cooperation and lots more information if i am to help you. such as:
have you found the house you want?
if not, do you need some help(at no cost) to find a house?
what is your credit HISTORY? not just your score, your score is only like 30% of the determining factors in a situation like this. how long have you been on your job? what do you make? do have a rental history? how much is the rent you pay now? the mortgage business is not as cut and dry as the general public has been led to believe. it's just that most Loan Officers are to LAZY to go the extra mile, and make the loan work(if possable) there are situations, like a 300 credit score,or a lack of credit(tradeline) history, that can completely stop you from getting a house.or if you [need, and] dont have a co-borrower or co signer/endorser on the mortgage note.there are private banks that i work with, that dont even LOOK at your score, as long as you have a sufficient HISTORY of credit. as you can see, i do know alot about this type of situation, and i would certainly like to work with you. in fact i look forward to it.
give me a call at 203-729-8900, x-111, or ask for david powell, or call me on my cell phone, 203-410-4427.
i want you as a client, lets get started. |
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mortgage help
|
yes, but you should fill out an application and have your credit pulled so an experienced Loan Officer can help you evaluate if you do qualify with nothing down, and if not, a gameplan so you will qualify in the near future. |
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ogrendle
|
Find a Buyer Agent to work with you. Then have them put you in touch with Rural Development and your state Housing Authority.
Good Luck |
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dukalink6000
 |
Very hard, as the rate you may be charged will be rather high |
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fiddleplayer26
|
It might be doable, especially if you are willing to eat a high interest rate. Call a real estate agent...but when you do, remember that unless otherwise declared that agent is working for the seller, not for you, and keep that in mind on any price negotiations. Either way, the agent will try to find you a house...because that's how they get paid. If they can't get you a home, they get nothing for their efforts. |
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beetlejuice49423
|
If you could find "rent with option to own", you could. This is getting to be a popular option with this economy. A lot of realtors are suggesting it these days as a way to get a house "sold" and get buyers into them who couldn't otherwise. You would basically rent the house for a year or 2, to establish credit with the seller. At that time you would convert to a land contract and part of your rent would be considered the down payment. Of course, at any time, you don't make your rent or land contract payments, the owner would take the house back! The seller also benefits from this proposal since they only have to pay taxes every year on the payments you make to them, not all at once if they had sold the house outright. There are other tax benefits to both the buyer and seller, but you would have to discuss that with the realtor or the lawyer that handles the paperwork on the potential deal. |
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kishaloy_bhowmick
|
Free move Free Washer dryer free appraisals--mortgage at ur step
Hi,
Are you in need of a Mortgage loan ??? Wanna have a new home !!!!!! The Mortgage Lending Officer is here to help you...We have the lowest Mortgage rates in the market and credit history is never a barrier for our clients..
For more information write to kishaloy_bhowmick@yahoo.com or call 480.751.4125 and ask for kish.... your home sweet home is about to be in your grip now!!!!!
Beautiful home is now yours.....
!!!!!!!!!!!!!!!!!!!!Have your dream come true!!!!!!!!!!!!!
We do also provide free moving truck , free washer and dryer and appraisal does never cost a $ from us !!!!!So come grab the cake!!!!!!!1
kish
Have your own home!!!!!!!!!!!! |
|
NONAME
 |
Yes. Standard minimum credit score for a zero down payment mortgage is 580.
If your scores are lower, you likely won't get a loan.
Go talk to a few brokers and bankers, find someone willing and knowledgable enough to work with you to fix your credit report enough to get your scores in financing range. |
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chillndamost
|
Right now we are in a "Buyers" market so sellers are eager to assist an interested buyer to unload their property. Look in your area for any for sale by owner home and just be blunt often times you will find that the person is in a situation that they could still hold the mortgage or assist with a down payment by increasing the sales price. Be patient and always be honest with the sellers as you will find they can often be your best asset. People become attached to their homes and when selling they get excited to se eother excited about their pride and joy home so keep that in mind. Also look in your county for a first time home buyers assistance program, most countie have them, they just don't advertise them. |
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laney
|
Almost impossible. No one wants to trust anyone who has a bad credit line and no money. |
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punchbug34
|
It is not impossible. Wells Fargo has done some loans for a couple of my clients that had less than perfect credit and no money down. Also, check with your state. Some states have programs where you take a 2nd mortgage as a down payment with zero interest. This serves as your down payment and the loan could be up to 35% of the home value. This programs is restricted to your income too. The 2nd mortgage wil be paid back when you sale your home. It is a 33 year 2nd mortgage. Again, check with your state. If not, Wells Fargo would be a great place to go. Also, are you a first time home buyer? That makes a difference too. There are great programs for first time home buyers. |
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bostonianinmo
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Extremely hard, if not impossible. |
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