2006-09-16 14:23:31 · 13 answers · asked by misael740 1 in Business & Finance ➔ Credit
If you do find a lender that will loan you the money, with no money down and really bad credit, you will be paying an extreme amount of interest on a mortgage and a huge monthly payment.
You should take some time before you start home shopping and try and clean up your credit.
2006-09-16 18:31:43 · answer #1 · answered by echo 7 · 0⤊ 0⤋
There's something called sweat equity which can be teamed with owner financing. It's usually done when a house needs so much work it isn't salable any other way.
Basically you enter a contract where you are paying monthly payments toward the purchase of the house. You have to fix it up at your expense. You WANT to fix it up and get a regular bank loan as soon as possible because every improvement you make makes the house more salable. If you miss a payment under an owner financing agreement, they can terminate the agreement and you've lost all your hard work.
It's a good deal IF you have the paperwork to back it up and can make the payments on time. It's a bad deal if you don't have the paperwork or lose your job.
2006-09-16 14:38:45 · answer #2 · answered by loryntoo 7 · 0⤊ 0⤋
Check with the organization below that offers down payment assistance. I dont know if you qualify or not, but they are experts in what they do and certainly worth a click to contact or a phone call. A friend of mine bought a house with $500 down and her credit was horrible.
2006-09-16 14:56:07 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Boy, if I had a dollar for every time I've read that question here, I'd buy another house. No money down is hard enough. Bad credit is hard enough.
2006-09-16 14:35:38 · answer #4 · answered by Papa John 6 · 0⤊ 0⤋
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2006-09-18 10:07:24 · answer #5 · answered by noellecanning 3 · 0⤊ 0⤋
Get some dumb person to co-sign your mortgage. Include the closing costs in the mortgage. When your fail to pay the mortgage, then the co-signor will be stuck with the debt and they will end up in as bad a shape as you apparently are.
2006-09-16 23:49:46 · answer #6 · answered by Anonymous · 0⤊ 0⤋
There are so many different homeowner loans it's possible. You'd need to talk to someone from a bank or loan company to figure out which one you can go with.
2006-09-16 14:31:44 · answer #7 · answered by pinkrosegreeneyes bluerose 6 · 0⤊ 0⤋
If you can secure a loan, it will probably be at a high interest rate. You can refinance in a few years if your payment history is good.
2006-09-16 14:31:21 · answer #8 · answered by Becca 5 · 0⤊ 0⤋
Look for a cardboard dwelling.
2006-09-16 14:31:20 · answer #9 · answered by da_hammerhead 6 · 0⤊ 0⤋
You can't because you cannot afford to make the payments.
2006-09-17 16:18:23 · answer #10 · answered by Steve R 6 · 0⤊ 0⤋