how can i buy a home with no money down and a credit score of 550?

Answer 1

no, because the mortgage company will make you pay some of your charge offs off and since you don't have a down payment, you probably don't have the money to pay for accounts that have already gone to collections.

Answer 2

Obviously, you should wait, because a credit score of 550 tells the lender that you're not responsible. If you can't take care of your credit card account, how can you take care of such a substantial amount of debt as a mortgage. And because you have 0 down, you'll probably have to get mortgage insurance, because the lender could lose a lot of money if your home must be foreclosed. You should wait a few years and build up your credit score and save for a down payment. There might be some lender who is willing to give you a smaller mortgage, but it will consist of very bad terms (they'll probably trick you). The interest rate will be much much higher than a person who has a good/excellent credit score and some down payment. Also, ask yourself if you have enough cash for closing costs. You'll also have to pay for taxes, insurance for the house, emergency expenses (what if something goes wrong with the electricity or plumbing in your house), furniture, water, sewer, gas, electricity,and so on. Good luck.

Answer 3

I would think one thing or the other has to be bumped up. Check out the non profit agency below and see if they can assist or direct you. There's no point in even considering a loan for a home if you cannot pay it. Home ownership involves taxes, maintenance, insurance and other costs not in the mortgage payment. You'll need tools and supplies and moving expense. I am not trying to be negative but buying a home and tapping out your income makes no sense at all. Why invest in a home that you'll end up losing to foreclosure if you lose income or have further financial problems. If you feel you can afford a home, write out the difference between your current expense and future homeowner expense per month for six months. If you don't tap into your savings, you've got a sweet downpayment. Do you right now have $200 for a lawnmower??? If not, I'd suggest you hold off the house purchase. However, check out the site below...

Answer 4

This isn't a good idea. You're credit score isn't that good, you won't get a loan on favorable terms even if you were putting money down, the smartest thing to do is wait, save something for a downpayment and use that time to get your credit score up which can save you tens of thousands in terms of a mortgage interest. For tips on raising your credit score, see http://finance-girl.blogspot.com/2006/09/raising-your-credit-score-who-doesnt.html

Answer 5

Get a secured credit card and stay on top of it for at least 3 months use it as often as possible. This will dramatically increase your credit and help you qualify for a mortgage.

Answer 6

actually there is someone who might give you a mortgage
Pine State mortgage in Cumming GA
they will give you an adjustable rate mortgage with little to no money down
also try goodmartgage.com and
contact wells fargo mortgage in atlanta ga
and ask for Yolanda Rhome 678 284 4014 or 866 316 6059
[e-mail]
trust me the market is extremely competitive for loans

Answer 7

You probably can't. But it doesn't hurt to check with one of the mortgage lending clearing houses. Here's a web site where you can fill out a quick online form and see whether any lenders will bid for your business - http://necessaryvirtues.com/recommends/loan

Good luck!

Answer 8

try to rise your credit to 600- that is min. credit score for 100% financing.

Answer 9

Don't do it. You'll never get out of debt or retire.