Home Buying in Carson City>Question Details

dawnsmith223, Home Buyer in Carson City, NV

How to purchase a home with very poor credit a low down payment?

Asked by dawnsmith223, Carson City, NV Sun Jan 12, 2014

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Depends on how poor you mean by very poor, there are programs that allow for a 580 credit score for FHA which requires just3.5% down which can be a gift from a relative. If you want to be referred to a couple of lenders check out The Lenders Network we work with several lenders that can go down to a 580 score.
2 votes Thank Flag Link Mon Jan 13, 2014
Since there are other factors that determine mortgage qualification, for an accurate and personalized answer visit with any licensed loan officer(s); be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.
0 votes Thank Flag Link Mon Jan 13, 2014
Hi Dawn,

It depends on your FICO credit score. Do you have or know your FICO score? The USDA has zero down payment mortgage loans in Douglas and Lyon Counties and the Nevada Rural Housing Association has down payment assistance and grant programs, also.

You can also do a lease option where you put a lease option payment down and you do a lease for about 1 - 3 years during which time a portion of your monthly lease payment goes toward the principal. You can also work on building your credit during the lease period so your credit will be good enough to qualify for a mortgage to pay off the owner at the end of the lease period.

If you have any questions, please call me at 775-721-2135 or e-mail me at shane.realestate@gmail.com.

Thanks,


Shane Martin, REALTOR®, CDPE, SFR
Coldwell Banker Select Real Estate
1657 Hwy 395 N
Minden, NV 89423
(775) 721-2135
shanemartin444@gmail.com
http://www.shanemartinhomes.com
http://www.facebook.com/shanemartin444
0 votes Thank Flag Link Mon Jan 13, 2014
It really depends on a lot of factors. It's hard to give a good answer without knowing specifics about your situation. That said, it depends on how "poor" we are talking, and what is the cause of that poor credit. On the surface, I would say the first step is to work on repairing your credit. Second would be saving for the down payment.

Feel free to take a look at our website, or contact me and we can look at more specifics. We can take a look at what in your credit is holding you back, assist in getting it cleaned up, and get you on track to purchasing a home.


Jeff Shumway
Mortgages for America

http://www.MortgagesforAmerica.org
Jeff@MortgagesforAmerica.org
(702) 403-1337
0 votes Thank Flag Link Sun Jan 12, 2014
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