Can I really buy a house without downpayment, even with a credit card debt?

Answer 1

Yes, but it is STILL going to cost you about 5% in cash for closing costs, utilities deposits and moving in.

Credit card debt and payment history are the single biggest factor in determining whether you get the loan or not.

Answer 2

most of the previous solutions have been genuine -- now's a tough time to get banks to look at riskier loans. yet now's additionally the time to initiate rebuilding your credit and saving up for a downpayment. First, make a 300 and sixty 5 days plan: flow in with family individuals if possible (in any different case, lease a extra low priced place), get expenses paid on time and picture approximately a consolidation very own loan to make the interest cost decrease. sell what you do not prefer or won't prefer interior the recent domicile. handle extra artwork, and spend little or no -- it is barely for a year. 2d, evaluate options to a undemanding domicile, a minimum of as your first domicile purchase eg. cellular, duplex shared with family individuals. extremely think of roughly paying for something with 2 or extra contraptions and residing in one -- the financial company will seem on the lease from the different contraptions while calculating the earnings. on your 300 and sixty 5 days plan, you should build a courting with a terrific realtor, as properly as permit acquaintances and family individuals understand you're finding to purchase. it is possible to purchase a house or small condominium development by using taking on money or doing a private very own loan. it is advisable to think of roughly paying for a cottage as your first domicile (assuming you in addition to mght downsize to an condominium) -- it is going to be a place of your person which would be bought or re-mortgaged while it comes time to purchase a house, and can be rented out once you at the instant are not utilising it. We offered our domicile as a series of two apartments -- by way of fact it were an older domicile converted into apartments, we've been able to unquestionably turn it right into a single-family individuals domicile as quickly as we now not needed the different lease to maintain us going. in case you do not plan to make this dream a actuality, you will not have the means to do what's needed to purchase your person domicile.

Answer 3

Depending where you live, there should be programs available through HUD. Talk to a real Estate agent, also check into Foreclosures. Some accept good and bad credit, with a low down and some offer nothing down, because your job would be your credit. Go to housing authority and ask them about 1st time buyer programs, where you live. You have to check around.

Answer 4

The better question, is whether you should. Just because you can doesn't make it a good choice. Many people get into a home which they cannot afford, and end in foreclosure preventing them from regaining a home for many years. Better to wait, until you can find something within your price range.

Answer 5

Yes

Answer 6

There is no way... You could try 'renting to own' thru an individual, but a bank will never give a loan in your situation.

Answer 7

there are programs out there for first time house buyers that will help you do internet searches like this one


http://search.yahoo.com/search?p=no+down+payment+home+buyers&fr=yfp-t-500&toggle=1&cop=mss&ei=UTF-8

Answer 8

no way, its just promotional scams when u see that crap on t.v.