Is there a way I can buy my first home while having poor credit and without providing income? THX!?

Question

I have never bought a house before and know nothing as to how to do it. I just figured I'd never be approved since I have very poor credit and I get paid "under the table" and wouldn't be able to prove my income. However, I hear all the time how easy it is for first time home buyers to purchase a home. Does anyone out there think I would be able to buy a home? If yes, can you tell me what steps to take?

Answer 1

Home loans are much easier to get than many other credit related things. You should be fine as long as you have no outstanding debts which have had court orders.

The reason it is so easy to get a home loan is because if you cant pay the money- the bank takes your home. There is good security for them that will generally only be increasing in value once you take out the loan

Answer 2

First, if your score is not atelast 580, you cannot do 0 down, so you'll need a down payment. That said, if you cannot afford your rent and are making late payments, then you shouldn't buy a house to begin wtih. Get everything sorted, financially, FIRST. Start paying down CC's, and making on time monthly payments on everything else, and your score will rise. Initiate investigations/disputes on any inccorrect information you have. Old, paid collections can be deleted if you try hard enough-- even if they are legitimate. BTW, you are NOT 'throwing away money". You are exchanging money in return for a place to live, and you are not responsible for a dime in repairs or maintenance. You also get the luxury home owners dont get-- you can move any time you want (sans a lease) without having to sell. There are SOME Positives to renting.

Answer 3

No-Doc loans are generally reserved for people with at least good credit. It is very unlikey that you would get approved for a loan, with bad credit AND no proof of income.

Other than being paid "under the table". Your biggest problem is that the Sub-Prime market has basically collapsed, so while banks were practically giving loans to everyone a couple of years ago. This has just about disapeared.

Also remember that since you are getting paid "under the table", you are avoiding paying taxes. Most people in your situation don't usally want to come out in the open and try to get a loan. So they deal in all cash, this is the trade-off they live with when getting paid this way.

Answer 4

No, you won't be able to finance a home. It is easy for qualified first time home buyers to buy a home, but you have everything working against you, poor credit, no income, no verifiable job or employment history.

Fix your credit, get a "regular" job even if it is part time to verify some income and work history, save for a down payment.

Answer 5

You cant prove your income.............are a high credit risk and you want someone to lend you money for a house?

Yeah, you could do it.
Where there's a will there's a way.

If you dont have a whole lot to put down........ it wont happen, but you can always try.

Answer 6

Maybe try to find a "rent with option to buy" deal. If you can keep up the rent payments without fail, keep the place up, and don't cause trouble, some sellers will trust you to continue as a buyer, after signing the appropriate papers, of course.

Answer 7

Real Estate broker
210-733-3100

Answer 8

why would continue to work under the table - you aren't earning any credits for social security and the IRS will catch up with you eventually

Answer 9

Cash always works well.

Answer 10

If you can pay with cash...