Home Buying in Las Vegas>Question Details

Trulia Las V…, Other/Just Looking in Las Vegas, NV

Can I become a homebuyer even if I have I've had bad credit, and don't have much for a down-payment?

Asked by Trulia Las Vegas, Las Vegas, NV Tue Oct 30, 2012

Help the community by answering this question:


There are a few programs that assist first time home buyers with closing costs, down payments, and resolving credit issues. NACA (Neighborhood Assistance Corp of America) and NHSSN (Neighborhood Housing Services of Southern Nevada) are two of them. They both offer FREE workshops for home buyers and credit counseling. I would be happy to provide you with additional information and get you on your way to owning a home!

Christina Rivera
RX Realty
Web Reference: http://www.NACA.com
2 votes Thank Flag Link Tue Oct 30, 2012
They don't have any down payment. This isn't a real consumer. It is Trulia employees trying to increase web traffic and wasting you agent's time.
1 vote Thank Flag Link Thu Nov 8, 2012
exactly, and I find it annoying that trulia has started doing this! I have said so on several threads where these silly questions are posted.
Flag Thu Nov 8, 2012
There are no mortgage programs for people with bad credit. Bad credit shows an unwillingness to pay your bills. Who is going to loan you money when you don't pay back?
You need to first learn how to manage your money. Go to your local non profit housing group. Meet with their credit counselor. They will go over your credit report with you and tell you what you have done wrong and what you should be doing. They will also work out a budget with you. Manage your money better and when you have a FICO of 640+, you will be ready to think of purchasing your first home.
1 vote Thank Flag Link Wed Oct 31, 2012
Keep things simple. All you need to do is pay off your debts, save enough for 3 to 5% down but more would be better for you. I can help you find a very inexpensive rental right now if you need one. Save at least 10 to 25% of your income. You'll also need savings for 3 to 6 months emergency funds in case of emergency. I can help you get things organized and get a loan approval when you're ready.

Matthew D’Ercole
Prominent Realty Group, LLC
Buyer / Seller / Property Management
Cell - 702.501.0973
Website - http://matthewsellslasvegas.las.mlxchange.com
1 vote Thank Flag Link Wed Oct 31, 2012
You certainly can if you would consider purchasing a Manufacture Home.

I have included my Web site so that you can see some of the Manufactured home that we offer for sale, as well as Sunrise Mobile Home Community site at the bottom of this letter..

Most of the homes we have listed are in Sunrise Mobile Home Community. This is a “very well kept" 14 year old Family Park with Desert Landscaping and Modern Conveniences. This community is 6 miles east of the Las Vegas Strip and is very close to the Boulder Highway Strip. We are a Gated community with transportation service at the gate.

Most of our homes are in the 1998 to 2006 age range. They are double wide and have been brought back to as "near as new" condition as possible. New paint inside and out. New carpet and vinyl and window blinds throughout. They all come with reconditioned Range, Refrigerator and Dishwasher where applicable. All of the homes come with Central Air Conditioning. Many of them come with an additional storage shed. There is also a covered 2 car carport. Most have fenced yards.

We have 2 bedroom 2 bath homes starting at $19,900 to $29,900. Our 3 bedroom 2 bath homes that we have listed at this time are from $24,900 to $45,900.

The financing is as follows: We are offering a Down Payment of $2500. These are 20 year loans at 7% interest. Your 1st month Mortgage and Space Rent will be FREE. Your monthly cost this could be between $712 and $982 depending on the home price. We are also offering 10% to 50% CASH discounts.

I hope this information is helpful and that I will be able help you in finding your new home. Let me know if you have any more questions or if you would like to set to set up an appointment to view our Community.


Doreen Mulcahey, Mobile Home Sales Specialist
Manager, Sunrise Mobile Home Community
1 vote Thank Flag Link Tue Oct 30, 2012
FHA allows you to put as little as 3.5% down and we lend down to 620 middle score. Feel free to contact our Vegas office at 702 562 7915 with your mortgage questions.
0 votes Thank Flag Link Thu Nov 8, 2012
Bart - no one is going to contact your office as this question was posted by TRULIA, not a consumer. They are trying to drive up activity.
Flag Thu Nov 8, 2012
my fellow agents - look up at the top of the page - you are responding to a trulia posted question........generated ........... and posted by TRULIA, NOT a consumer looking for help.......
0 votes Thank Flag Link Thu Nov 8, 2012
David is right, with no to little down-payment, your best option is an FHA loan, as it only requires 3.5% down.

Also know that your previous 2 years of income will matter, and so will your debt to income ratio.
0 votes Thank Flag Link Wed Nov 7, 2012
What is your FICO score? Not much any lender can do with FICO below 620. FHA loans are 3.5% down, so a $100,000 house means $3500 down. How much down do you have?

David Cooper Investor Las Vegas 702-499-7037
FREE Bank-Owned Foreclosure List
0 votes Thank Flag Link Tue Nov 6, 2012
Have you spoken with any local lenders and answered all of their questions and provide all documents? This is probably the best starting point... they can help guide you to qualify if you don't qualify now.
0 votes Thank Flag Link Tue Nov 6, 2012
If you have been current on your payments in the last 12 months, have at least 2 years of continual work history, 3 credit trade lines, I can help you. You can contact me by email at nvdr1@yahoo.com or by phone at 702-582-9255.

John Bonner
Tri-Star Realty, LLC
Tel: 702-582-9255
Email: nvdr1@yahoo.com
0 votes Thank Flag Link Fri Nov 2, 2012
Hi, Trulia Las Vegas.

The agents below appear to agree and disagree in certain areas, but all gave sound advice. One thing that I didn't see, however, is the option to do an Owner Will Carry or a Lease/Option to Buy. Although many agent frown upon this method, it is usually because they don't truly understand how it works and they won't usually make as much money from the commission. For these reasons, I have found that only about 3-5% of agent even participate in them.


With this said, these types of programs can be a nightmare if the home is upside down, or if the potential tenant/buyer does not do what is required on their part (keeping a job, actively working on credit, and moreover, not biting off more than they can chew from the get go). However, the key is to associate one's self with a company that is genuinely interested in helping them to become homeowners...not just looking to make a fast buck!

(Limestone Investments, LLC.)

This company not only dials in the preferences for clients to locate a suitable & affordable property within their budget, but also has individuals on staff to assist with credit issues. They do not deal with any homes that are upside down. Further, most of their inventory consists of cash purchases, or those with 60% down and 10 year notes...nowhere near being in jeopardy. These are perfect opportunities for persons who are serious about doing what it takes to become a homeowner.


If you know anyone interested in a program like this, I highly recommend them.

Courtesy of:
Limestone Investments, LLC.
LV Property Search
0 votes Thank Flag Link Fri Nov 2, 2012
Are you working and and can prove income?

David cooper Investor 702-499-7037
Order your FREE Bank-Owned Foreclosure List
0 votes Thank Flag Link Thu Nov 1, 2012
I'm pretty sure "Trulia" has a steady income. This was a planted question by the site to stir up traffic. Makes them look sleazy.
0 votes Thank Flag Link Wed Oct 31, 2012
Do you have steady income that you can prove? There is no program I know of that doesn't require proof of income. I think Team D'Ercole has really given you a strong foundation is you are serious about becoming a homeowner

David Cooper Investor 702-499-7037
Check out todays Bank-Owned Foreclosure List
0 votes Thank Flag Link Wed Oct 31, 2012
About the best answer is the one offered by Christina. The programs she suggested are really the only way you could qualify based on the scenario you gave, so get in touch with them and get started asap. Prices are going up so delaying could cost you more in the long term. You can go to NACA.com to research counseling and NHSSN's link is NWSN.org. Good Luck and if you need more help I would be happy to assist.

Whether you buy a house is not my number one concern. My number one concern is to serve you in the process. I am not here to sell you, but to support you.

Barbara Richie, REALTOR - Your Probate Agent
Encore Realty Group

0 votes Thank Flag Link Tue Oct 30, 2012
It's tough and usually expensive. I suggest fixing your credit and using some discipline to save. My website LasVegasValleyRentals.com has a few very helpful Credit Blogs with tricks to keep you on the right path and rebuild your credit quicker. Good luck.


James Bellile
iProperties International
0 votes Thank Flag Link Tue Oct 30, 2012
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