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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ryateslenders, Agent, Plano, TX
Mon Jan 13, 2014
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
Andylewis1977, Home Buyer, San Diego, CA
Fri Dec 18, 2015
Did you check with FHA loan options ? Or you may also go with some home buying authority options. These will help you to buy home with low down payment & low mortgage options.
0 votes
Jayrogers1306, Both Buyer And Seller, Carson City, NV
Mon Dec 14, 2015
Some banks and credit unions offer mortgage loans with no down payment requirement or a limited down payment. Typically, these loans are only available to borrowers who meet limited income requirements. Conventional lenders require a minimum of 5 percent for a down payment, or $9,900 for a median-priced home. You can also borrow from your retirement funds for a down payment, but be sure you follow the rules exactly so you don’t get hit with a tax penalty.
0 votes
Anna M Brocco, Agent, Williston Park, NY
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
Shane Martin, Agent, Minden, NV
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 Martin, REALTOR®, CDPE, SFR
Coldwell Banker Select Real Estate
1657 Hwy 395 N
Minden, NV 89423
(775) 721-2135
0 votes
, ,
Sun Jan 12, 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
(702) 403-1337
0 votes
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