Home Buying in 77072>Question Details

huynhantin, Home Buyer in 77072

How can I purchase a house with $0 down and low credit score ?

Asked by huynhantin, 77072 Wed Oct 16, 2013

Help the community by answering this question:


Simply put, you can't. Credit scores are more important today than ever.Even with a satisfactory one (in the 600's), the only available 100% financing is through either the VA or USDA. The latter has numerous requirements as to income, price and and location. I wouldn't consider purchasing a home until you have at least a 650 FICO score and a minimum of 6% to 8% of the sales price, to cover down payment and closing costs.
5 votes Thank Flag Link Wed Oct 16, 2013
There are programs like VA and USDA as has been mentioned but you really need to work on your credit score. While there are programs for borrowers with sub 600 credit you would be best served to get our credit in order before looking to buy a home.

Basically you are stating that you do not pay your bills and you want to buy a house and not put any of your own money at risk. Would you lend to somebody like that? I think you know the answer to that question. First prove you are a responsible person by taking the corrective actions to fix your credit and ensure this does not happen again. You can search my answer archive here in Trulia to see how you can rebuild your credit at no cost.

Hope this helps.

Don Groff | REALTOR® & Mortgage Broker
Austin Real Estate Pros & 360 Lending Group
o 512.669.5599 | m 512.633.4157 | listings@dongroff.com
websites: http://www.AustinListed.com | http://www.360LendingGroup.com
Web Reference: http://www.AustinListed.com
1 vote Thank Flag Link Wed Oct 16, 2013
All good and correct answers herein. That being said, there are some legitimate reasons for a low credit score. The $0 down part would seem to infer that you are trying one of the "schemes". Good luck with that. If there is really a reason for the $0 down and low score your only option is to find a seller willing to finance you by applying some rental money towards a down payment.
0 votes Thank Flag Link Thu Oct 17, 2013
No money down, a record of not paying your obligations on time and you wonder how you can borrow tens of thousands of dollars…

I am giving a “thumbs up” to Al and Don.
0 votes Thank Flag Link Wed Oct 16, 2013
Late night TV is full of ads and programs promoting the idea you can buy real estate using none of your money, zero money down and your credit does not matter.
It costs $2,700 to attend the week end seminar.
It costs between $7,000 to $15,000 in enroll and a gauranteed 'get rich' system of investing in real estate with no money down, using other peoples money and it's as easy as getting a real estate agent to go to work for you FREE!
When the truth surfaces, someone has made off with $17,500 of your money. So, who got rich?
As others have stated, your very best action is to fix your credit, and save some money. However, it is most likely you will seek a lease/option or rent to own. The result will be exactly what the 'get rich' plan is, you moeny goes into someone elses pocket.
0 votes Thank Flag Link Wed Oct 16, 2013
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