Are there ways to buy a house without good credit?

Answer 1

Cash

Answer 2

Yes, there are some programs that are specifed for poor-bad credit borrowers. In some cases, even borrowers without credit scores can obtain mortgages. Most of the clients i have delt with with bad credit have been put into FHA loans. This is a loan where the federal gov't insures the loan. These are 30yr fixed rate loans with interest rates between 6.25-7.5 %. The FHA loan does not look at credit scores as a factor in obtaining a mortgage. However, the FHA loan is a full-doc loan. So everything from income, to assets, job verification, ect must be proved and documneted. If one's personal debt is high when compared to the income, then the borrower would probably face a sub-prime loan, where interest rates are generally higher.
Also, it depends on what is considered good credit. I did loans with my clients having 400 credit scores. So, when it come to getting a mortgage there are ways around certain issues, if you have any other questions, you can email me.

Answer 3

Sure, hard money lenders will lend to just about anyone. They specialize in loans to people who have little, no, or bad credit.

Answer 4

yes for sure i did it on my first house talk to a good broker they can tell you how. i will give you a couple of ex. become current if you are behind in some of your bills then you send letters to all accounts that you were late on explaining why, you got sick layed off exct.

Answer 5

absolutely, all it takes is a willing seller, no realtor, and a fair amount of cash.
as a minimum, you have to provide the seller with enough cash so they have no out of pocket expense.

then you have to convince the seller they are going to get their monthly payment.

start looking for for sales by owner

Answer 6

Look up the "bad credit" tab:
http://mortgages.interest.com/content/calculators/index.asp

Answer 7

yes there is