2007-05-11 17:27:11 · 9 answers · asked by steelerzquest 1 in Business & Finance ➔ Renting & Real Estate
You don't and you don't want to.
Take some time to repair your credit and save for a down payment.
2007-05-12 04:53:27 · answer #1 · answered by godged 7 · 0⤊ 0⤋
Why don't you just ask us how to drive your car over a cliff? The reason lenders no longer do those types of loans is the fact that these loans so often wind up in foreclosure. Think about it. Who gets hurt in foreclosure? Certainly the lender, but even more so, the borrower. Getting the type of loan you are seeking is a sure fire way to put yourself in a very bad financial situation, the likes of which will take years and years to dig out from.
Instead of trying to take on more debt, a mortgage, why not figure out how to improve your credit. After that, you will be in a better position to purchase a home and enjoy the other benefits of having good credit. Purchasing a home now will ensure you will never experience that.
Trust me. I was there. Instead of getting the house now, I worked on paying off my debt. My credit score went up. I've now been able to purchase a new home, a new car, and don't lose sleep worrying about debt. Plus I can answer my phone now without fear of a bill collector being on the phone. Trust me - that's the better strategy.
2007-05-11 17:37:33 · answer #2 · answered by CJKatl 4 · 0⤊ 0⤋
Two years ago, absolutely. Today... no way in hell. The entire reason the housing market came unglued was because of sub-prime lending (exactly what you described... 0 down and no credit... some even interest only). Suprise, suprise, they ended up in foreclosure. Now with the glut of foreclosed houses the lenders have their money tied up in the property and can't write more loans. They have to sell the house first. It will take a year or so to flush out all the crap properties and borrowers from the system then things will return to normal.
2007-05-11 20:16:49 · answer #3 · answered by gt5364e 3 · 0⤊ 0⤋
You are in a very bad situation because with your credit criteria means you are having financial problems so is very hard for a bank to look past your credit and qualify you for 0% down loan right now.
Clean up your credit and get your scores to over 650 then you can try again.
2007-05-11 17:59:49 · answer #4 · answered by Henry Sosa 3 · 0⤊ 0⤋
No Money Down:
100% loan (20/80) which is offered to high credit standing borrowers.
Bad Credit:
High interest
You can't do both.
2007-05-11 17:38:12 · answer #5 · answered by Anonymous · 0⤊ 0⤋
I agree completely with CJKatl, but if you are stubborn and still dont bother taking good advice, FHA and VA loans are not credit score driven. They are based on your ability to pay your bills. It is good for people with limited credit and I have gotten a few approved with bad credit as long as there are not a whole lot of collections and judgments.
2007-05-12 07:08:06 · answer #6 · answered by twinturbo1994 4 · 0⤊ 0⤋
Rent-to-own (essentially seller financed). Pay your rent on time and in full for 2 years and you'll improve your credit scores to the point that you can refinance and cash out the seller.
2007-05-12 03:36:54 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Call your county or city Housing Department. See what type of programs they have available. If they have a program that you might qualify for they will have a list of mortgage brokers or lenders you will have to contact in order to get the down payment assistance program.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2007-05-11 18:34:36 · answer #8 · answered by loanmasterone 7 · 0⤊ 1⤋
just like if you was buying a car that way
you buy an old fixer upper house from a seller finance type deal,, and you pay a high interest rate
2007-05-11 17:30:58 · answer #9 · answered by Jo Blo 6 · 0⤊ 0⤋