how do i buy a house if you have bad credit and no job?

Answer 1

lol dream about it
offcourse u cant even get a loan because u dont have sufficient guarantee that u will get the money back
so i ask u to go and find a job whatever it is but try to survive because as u without job as u need to get support

Answer 2

You have a couple of options depending on your age, what state you reside and so forth.

1) You can ask a family member to guarantor a mortgage for you and or lend you money for a deposit.

2) You can purchase a "wrap house" which is a little complicated but mainly involves paying rent on a home until you have paid the full house amount in which time the owner signs over the deed to you.

3) You can approach unorthodox money lenders who wont care about your credit but will charge you higher interest and fees.

4) Some banks will lend you a no deposit home loan based on your rental history if it's good.

5) You can wait until your credit rating improves in around 5 years!

What's really holding you back isn't the bad credit, it's the no job. Rule of thumb is if you have a 20% deposit you will have no problem getting a loan from someone out there bad credit or not. So if you want to buy something for say (and let's be realisitic) 80,000, then you need around 16,000 if you have atrocious credit.

Still how can you pay the mortgage if you don't have a job? You can rent the house out and have the tenants rent pay the mortgage. (Often though the rent doesn't make up the whole mortgage payment and you will have to find extra money to add on)

Any way, I guess my point is yes you can buy a house with bad credit and even with no job, but you either need parents who will help you out or a small lottery win.

Good Luck!

Answer 3

If you are physically able to work, get a decent paying job. Lenders like to see a steady work history and they always want two months worth of pay stubs. If the stuff on your credit is less then 4 yrs old, start paying them off little by little. Many states & counties have first time home buyers programs for low to moderate income families/individuals. They really would like to see a credit score in the mid 600's though. This is attainable despite what some other folks on this board has told you. But, you will have to set a goal and stick w/it because rebuilding credit is a slow process but it only takes a month to ruin it...believe me. Good luck!

Answer 4

1) Get a job
2) Rebuild your credit history by paying new debts on time
3) After you've done that, hope a lender will take a chance

estimate time: multiple years

Answer 5

bad credit is one thing, but i dont think its possible for you to pay for a house if you're not making an income.

Answer 6

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Answer 7

go to sleep and dream that you own a house cause that what you are in dream world wake up

Answer 8

no need to buy just go to your local dumpster and get a cardboard box for free

Answer 9

get the government to do it for you. WAIT are you a US citizen?? If you are,then you can't

Answer 10

Well, without money you don't.