Need Help in buying home?

Question

Now in days you need perfect credit for almos anything.
I want someone to qualify me for a loan but I dont' have perfect credit isn't there anyone that can help me with the loan and with no downpayment?

Answer 1

The poster above me gave you a pretty good answer, and from looking back at your previous question, I am guessing this is a priority and you don't have a lot of time. What I suggest is that you contact a loan officer. They will be able to assist you with getting a loan that works for you. A LO has many resources to find you what you need without you having to do the leg work or ruining your already fragile credit in the process. I don't know where you live but if you would like me to run some numbers for you, just to give you an idea, I'd be happy to do that for you. Email me and let me know.

Good Luck

Answer 2

Credit inquiries by lenders don't go against your credit score since you have a right to shop for a mortgage and lenders require their own credit pulls.

Don't go applying for credit cards or other luxury items. Another means of raising your scores a few points is paying down on the credit cards just before the end of the cycle. Your debt to credit limits account for 30% of your score. You don't want to cancel cards since that would affect your length of credit status but if you pay down the balance to below at least a 50% debt to limit ratio then you will improve the score. (For example, If your credit limit is $2000 then you only want a balance of $1000 or less)

There are many lenders that will do 100% but besides yourself, the property needs to qualify as well. Even with a 100% loan there are going to be closing costs involved so if you don't have those funds then you are going to need a 105% loan which is a little more difficult to qualify for but not impossible.

There are a lot of different options. Without knowing your background it is hard to suggest any. One alternative would be to find a lease purchase deal. It will cost a few dollars more but that will be negated if you negotiate at least a 25% to 50% credit to the purchase price. For example, the house rents for $1000 but you do a lease purchase for $1250 a month. But you negotiate a 50% credit so the extra $250 plus an additional $375 goes toward the purchase price. Another incentive to offer the seller would be that you would agree to do repairs up to $1000 during the lease period. If you default, the owner obviously keeps the extra money.

After the year when you go to the bank for a mortgage, you would should a deposit of $7500 to the seller which is the 50% credit you would be entitled to.

There are real estate agents and mortgage brokers that specialize in those sorts of properties.

Answer 3

If you can prove you make enough money to justify the loan, lenders will go 100% financing down to 580 credit score. The rates and terms will be better if you have a better credit score or a down payment that's a significant percentage of the value, or both, but the loan can be done. They are routine for brokers.

Since 720 is the national average for credit scores (despite what you read on those internet ads about it being 678), 580 just isn't tough to get, and if you're willing to change your credit habits, is usually pretty easy to get within a couple months.

Answer 4

You need to find a mortgage broker to get pre-approved to purchase a home. You can find one in your telephone book, or if you live in California email me. I specialize in pre-approving those with less than perfect credit.

You will need pay stubs for 1 month for each borrower, W-2 forms and fed income tax for 2 yrs for each borrower, 6 months bank statements, as well as your 401k and profit sharing from your job.

The mortgage broker will get a credit report with your credit scores which will determine the type loan you will be qualified for. If you qualify for a no down payment loan or not. Your mnortgage broker will be able to tell you how much you will have to bring in as a down payment, if anything.

Your pay stubs with your income and your credit report with the debts will determine how much home you can afford.

After you have been pre-approved your broker should be able to find you a real estate agent that can assist you in finding you a home that you are qualified to purchase.

After you have found a home that you like the agent will then get a purchase contract signed by you and the seller. He will give this to your mortgage broker. Your mortgage broker will order an appraisal to prove the value of the property.

He will also open an escrow (Closing agent) get a title company to verify ownership, set you up to sign your loan docs. You might need to bring a few other items to the loan broker, but this is normal, not to worry.

After you sign your loan docs shortly there after you should get keys to your new home.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 5

There are a lot of people out here that can do that. Before you rush in to anything, get familiar with all the 0 down programs out there, especially for those with less-than-perfect credit. The fees involved for these programs can be staggering, and the monthly payments are going to be very high. On top of that, you will probably be forced to pay taxes and insurance on a monthly basis as well, if your credit is poor.

DO NOT let a bunch of people run your credit. Every time someone runs your credit when you apply for a loan of any type, it counts as an "inquiry" and pulls your credit rating down. You can have perfect credit and ruin it with applying for loans & getting inquiries in many places.

The 3 credit reporting places will send you a copy of your credit report if you write to them. Try to get your credit score while you are at it. Keep in mind, though, the credit reporting systems calculate the credit score differently when issuing it to a mortgage lender as opposed to a department store. Don't be surprised if, after you have chosen a lender, their score is lower.

Once you have your report/score, you can visit lenders who can "run some numbers" and give you a fair idea of what you are looking at in fees and payments. They can't give you final data until you find a lender and a loan program you like with fees you can handle. Then they run your credit and must, by law, give you a "Truth-In-Lending" statement with payments & fees. Start with the bank you have a relationship with. Go to a direct lender, not a mortgage broker at first. Countrywide Home Loans is excellent. (no,I don't work for them). If your credit problems were caused by medical bills, divorce, etc., and not by irresponsibility, they can put in for "exceptions" to the underwriting analysis and usually get away with raising your chances for a decent rate. They have a "B" paper division in case you don't qualify with them. All you really need is a score above 620 to get "A" paper & it may be easier to raise your score than you think. If A & B don't work with them, ask them to point you in the direction of a "Portfolio Lender". I'll let them explain that to you. They're not cheap, but they get the job done.

Stay away from debt consolidators. What they DON'T tell you is that mortgage lenders view a person paying off bills with a debt-consolidated loan the same way, or worse, as a bankruptcy. At least with a bankruptcy, you don't have to repay your debt! Bankruptcy goes away after 2 years when it comes to home purchases.

Why are you not working on raising your credit score before you jump in to a payment with a high interest rate? There are government down-payment assistance programs as well as low-interest loans for lst time buyers with decent, not wonderful, just decent, credit. You are going to pay $1,000 more per month than you would pay if you try to be patient and clean your credit up.

As a last resort, use a mortgage broker. Find one with a good reputation, (same goes for your realtor). This is where they are worth the money you will be paying them. They can find a loan for almost anyone, but your interest rate could be so high you won't be able to afford a shoe box to live in.

One last piece of advice: Don't do what other lst time buyers do - don't have unrealistic expectations. Start with a condo and move up to a house later if that is what you can afford. You crazy guys always want a 3bd 2ba house w/big yard, garage, yadda, yadda, yadda!! You will end up looking at homes you can't have; then everything else looks like crap. You can save yourself some heartache by getting a loan first so you stay within your range. Be real, and you will get that 3bd 2ba house when you sell your first one in 2 years. And don't listen to your parents as much as you listen to yourself. They think EVERYTHING is too expensive. They'll tell you to wait until you are priced out of the market.

Good luck!

Answer 6

This is often driven by your particular market. For instance, in some areas of Texas, a $1 move in is standard practice with no down payment. You will have to research your own area. Begin by talking to a real estate professional.

Answer 7

It depends on how less perfect your crdit is. There are subprime lenders like HFC, but I would try and get up some down payment anyway.