How to purchase a home without a credit check and a down payment?

Question

Is it really possible to purchase a home without a credit check and and without a down payment?

Answer 1

Yes, it is...and there's lots of ways to do that.

Owner financing is one way, particularly with what had been merely investment property for the seller.

Another way is by buying a property through a tax sale...but you've got to have some cash to pull that off (many times, not a lot of cash at all, even a few thousand dollars may do).

Good Luck, and don't quit!

Answer 2

The repercussions are that unless you can qualify for a VA mortgage, nobody will loan you the money to buy the house. The minimum down payment is 3.5% and then add in another 3 to 5% for closing costs (for an FHA loan). For a conventional loan, think more in terms of 15 to 20% down.

Answer 3

Only if you don't use a commercial lender. You might be able to do this if you bought from the current owner, who's motivated to sell, and not too bright, and will hold the note, and owns the home outright. But the odds of finding a deal like that are slim, in my opinion.

Answer 4

you can purchase a home with 100% financing if your credit score is 580 or higher and you don't have to much debt. but you still need money for closing costs, you can't finance closing costs, and of course your credit report will be looked at.

Answer 5

If you buy the house with cash (i.e. no 3rd party financing), a credit check will not be required.

Answer 6

my answer would be is.....build your credit up really good by paying bills ontime. Then WHEN it is excellent, go apply and they will give the highest amount they can b/c you have good credit.

Answer 7

If you pay cash for it!

Answer 8

sure, if you don't need mortgage and if you have enough cash to pay it all once.