How can you get a home loan with no money down when you don't have good credit?

Answer 1

if you find out let us all know.

sounds impossible but you never know

Answer 2

Anyone can get a home mortgage, you just have to know where to look. Most people (myself included) would let the world come to an end before missing a mortgage payment. After all, we all like a roof over out heads! That said, mortgage defaults are relatively low, and even though you don't have good credit a lender knows you will AT LEAST pay for to keep your home.

That said, if you don't have a home, you probably aren't looking hard enough! Find a mortgage broker who specializes in persons with "challenged" credit. Work hard to get whatever small increases you can to your credit score. Sure, no one likes to write letters to creditors but you're going to have to do it if you really want a home. Cut back where you can to save at least a little money. Even if you find a mortgage with no money down, you're probably going to have to pay for an appraisal and things like that...so you're going to have for some things, that just comes with the territory. All in all, it's well worth it to own your own home.

Answer 3

Hard money loans. Some private investors may assume the risk at a very high interest rate. Im a Real Estate broker and I originate mortgages and there is an investor I have worked with who qualifies you based on your income as to the price of house you can afford, then lets you find the home of your chose, he comes in and pays cash to the seller and then transfers ownership to you. You pay him as if he was the bank, usually interest only for about a year at which point hopefully you have cleaned up your credit enough to refinance the house with a real bank and payoff the investor. Look in your area for real estate investor or local newspapers for this type of product. Good Luck

Answer 4

That depends on what you think is bad credit. I have seen people get a home for no money down with a 580 credit score. That is considered bad, but I have seen worse credit scores. If your credit score is worse than that. I would consider renting to own, lease options, and credit repair. You can rent a home for less than the cost of purchasing a home if you have bad credit.

Answer 5

No way, any loan you could get would be terrible. You're better off renting than having the filthy nastiness of a no money down mortgage with bad credit. Yikes.

Answer 6

i know someone that will work with you to get everything squared away for a home loan.

now you could probably get a home loan, but the interest rate would be so high you wouldn't want it

Answer 7

Hardmoney loans is the correct answer; you need to have some equity......kind of like if you buy at sherriff's sale a property that is worth more than you pay.

Answer 8

get a co-signer

Answer 9

you can't