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Trulia Dallas, Home Buyer in Dallas, TX

Can you become a homebuyer with a small down payment and bad credit history in the past?

Asked by Trulia Dallas, Dallas, TX Fri Apr 19, 2013

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I have a program that requires NO down payment, NO closing costs and NO perfect credit is required.

If someone can show 24 months of a clean payment history (including alternative credit for those that have no established credit accounts), they are well on the way to getting approved.

I marvel at how few agents ask about this program; I guess almost everyone on here never runs into anyone that doesn't have a 640 FICO or $10,000+ in cash but pays their rent and bills on time.

If you've had a client that your normal LO cannot approve in the last 90 days, I would suggest that you take a look at http://www.naca.com, and get them to a workshop to learn about the program. We are also having a workshop for agents on May 7 at my office, 7220 S. Westmoreland, Dallas, TX 75237 from 9am-Noon.

John Lyng
Mortgage Counselor - NMLS 280951
0 votes Thank Flag Link Sun Apr 28, 2013
Depends how small the down payment is, and how bad the credit history is. If you consider 3.5% a small down payment, then yes... the credit is a different story, as shown in some of the answers below. Nothing's impossible.. It just may take longer and more work to get credit where it needs to be to meet guidelines.
0 votes Thank Flag Link Mon Apr 22, 2013
yes if you have restablished in the last 2 years
0 votes Thank Flag Link Sat Apr 20, 2013
USUALLY 2+YEARS ON CHARGE-OFFS, >3 years on foreclosure, short sale, will consider 580 credit score, can work with ALMOST everybody, have great programs for everybody CALL darrell steffensen=====972-849-7795
0 votes Thank Flag Link Fri Apr 19, 2013
2+ yrs on charge offs is bogus.... Where did you get your loan officer license?
Flag Fri Apr 19, 2013
Anyone can be a HomeBuyer. We need to make you a Homeowner. Good Luck
0 votes Thank Flag Link Fri Apr 19, 2013
some reo's you can get in for 3% downpayment, some huds have a $100 down paymeny program, most home purchases requires 3.5% down payment on the sales price!!!!!! darrell steffensen---972-849-7795
0 votes Thank Flag Link Fri Apr 19, 2013
Possibly...We require a 620 or 640 credit score for FHA or USDA loans. If you have a bankruptcy, it would need' to be dismissed two years ago. You could also work a bit to get your credit score up.. I help many clients do this as well. Do you have any positive credit the last few years? If you have a question, just give me a call or visit my website...yourbestmortgagesolution.net
0 votes Thank Flag Link Fri Apr 19, 2013
The least you can put down is 3.5 %. You will also incur additional closing cost, inspection fee's and appraisals. As far as your credit it depends how long ago, reason and what credit score is now. A lender will be able to answer this in more detail.
0 votes Thank Flag Link Fri Apr 19, 2013
It is possible if a Seller is willing to finance the loan.
0 votes Thank Flag Link Fri Apr 19, 2013
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