Home Buying in 28081>Question Details

jdubb10125, Home Buyer in Kannapolis, NC

Is there any help for someone with 580 credit score and no down payment available? Is finding an owner financed home an option?

Asked by jdubb10125, Kannapolis, NC Mon May 28, 2012

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Good afternoon, JDubb:
To see if you might qualify, you should follow the below link and read the Trulia Blog Can I get a Home or Am I Stuck Renting? If you meet this basic criterion, we can work with you to find you a lender and when we know what the lender is willing to do for you, we can work on finding you a home which fits that financing. We are HUD registered brokers if you are wanting to explore that $100 down program for buying government owned homes. We are also familiar with other 1st time buyer programs. If you have a full time agent with a Masters degree in Planning with Finance and over two decades of experience, working for you, you will likely do better in negotiations. I'd be pleased to provide that service. ... if you appreciate this answer, please give it a "thumbs up", or if this was the most helpful answer, please say thanks with a "best answer" click .
1 vote Thank Flag Link Tue May 29, 2012
Get one or two secured credit cards. Charge only miniscule amounts. Make timely payments each month. You will be eligible for a USDA 100% RD loan in about 6 months.

If you desire to live in an area not eligible for RD loans than you could begin looking for HUD homes that you can purchase for $100 down. Just be sure that your lender and Realtor are familiar with the program.
0 votes Thank Flag Link Tue May 29, 2012
Owner financing is always a hope, but those situations are hard to find.... and when you do, do the sellers want to offer financing to someone with no downpayment and a poor credit history? Probably not. Possible, but not likely. If you're a vet you *might* be able to get VA financing, but I am not sure about that. I don't know what contributed to your low credit score, but just work on cleaning that up and saving some cash for a down payment. Honestly, the majority of the time if you can't get financing then you probably shouldn't.
0 votes Thank Flag Link Mon May 28, 2012
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