Home Buying in Glendale>Question Details

marygdailey, Other/Just Looking in Neshkoro, WI

husband and wife to buy home?

Asked by marygdailey, Neshkoro, WI Tue Jul 10, 2012

We have poor credit and was wondering if it's even possible to buy a home with NO money down??? Not looking for BIG home, just a little one for the two of us with low monthly payments

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5
Veterans Administration loans and USDA (rural areas like Buckeye and San Tan Valley) loans have 0% down, but require a credit score in the mid 600s.

First fix your credit score. No late payments for a year. No credit card balances over 30% of the max borrowing limit. Don't close any credit cards. Get a free copy of your credit report and fix any errors https://www.annualcreditreport.com/cra/index.jsp.

Loren Hoboy Realtor
Central AZ Real Estate
623-688-0004
0 votes Thank Flag Link Tue Jul 10, 2012
Good Morning Mary,

When you say Poor Credit are you stating that you have very little or bad?
The Lender I work with, provides one of the best home purchase program in America. They provide FREE personalized and comprehensive counseling to Members to address your particular credit and financial issues and help determine a mortgage payment that you can afford. The counseling and underwriting criteria are “character-based” and not based on credit scores and ratios. This enables them to fulfill their mission of assisting working people like you who otherwise do not have access to affordable credit. Consequently, the vast majority of the Members are low- to moderate-income many of whom have neither perfect credit nor substantial savings.

While they provide everyone with mortgage options, they also provide one extraordinary mortgage product! The mortgage is unique in that everyone that qualifies receives the same incredible terms, which makes homeownership affordable, and you do not need perfect credit.
• No Down Payment,
• No Closing Costs (The Lender pays them and does not include them in the loan),
• No Lender Fees,
• No Pre-Payment Penalty,
• No Mortgage Insurance,
• No Perfect Credit,
• Fixed 30 year below market rate at 3.25% as of 7-10-12

If you would like to more about this program please contact me.

Have a GREAT day!

Vivien L Biggs PLC
602-615-9137
Prudential Arizona Properties

Check MLS for homes on my website
http://www.realestatecore.com/
0 votes Thank Flag Link Tue Jul 10, 2012
No, even if you find someone that is going to rip you off because of the circumstances it may be temporary. Credit issues have a way of biting when you can least afford it. A public record that you bought a home may be just the signal one of those guys are waiting for, wave a red flag at them and say come get me, I have something to fight for now.

Best route to take is fix your problems, get a good budget working for you and then buy a home. Freddie Mac publishes a good budget form; it even has their logo on it. Talk about a good piece of support documentation to submit in a loan application (underwriters like official looking stuff like this). If you can't find it and want a copy shoot me an email and I'll send it to yoy, good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Tue Jul 10, 2012
There used to be more loan programs in which 100% financing was an option for borrowers. Unfortunately, that is no longer the case. Your best course of action is to contact a loan officer who can council you in how to bring up your credit score. You could be 6mos-1 year before qualifying, but a professional can get you going in the right direction, with an end goal in sight. The least amount required for a down payment is 3.5% (FHA) and you can even negotiate for the seller to pay for your loan costs. Once your loan officer assists you in increasing your credit score, he/she will give you a loan amount in which your are comfortable with the monthly payments. From there you will know how much to save for the down payment. A good loan officer will guide you in the whole process, step by step. Good luck!
0 votes Thank Flag Link Tue Jul 10, 2012
Having a good income with some money in the bank can overcome bed credit;
but when 2 out of three are bad, you will be climbing up a sand hill.

There may be a Lender out there who will work with you;
be prepared to pay a premium interest rate.

Good luck and may God bless
0 votes Thank Flag Link Tue Jul 10, 2012
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