got bad credit im a first time home buyer and i do not want to pay a down payment is this possible?

Asked by Kandyse, San Diego, CA Tue May 5, 2009

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Debra (Debbi…, Agent, Livingston, NJ
Tue May 5, 2009
Hi Kandyse
If you have, as you are stating, bad credit, and do not have a down payment - perhaps you need to concentrate on improving that situation before looking to take on the debt and responsibility of home ownership.
Owning a home is more involved than just paying a mortgage and property taxes. Maintenance, repairs , utilities and other upkeep items can really add up. Make sure you are financially secure before adding the unexpected financial burdens that owning a home can impose.
Get that credit score up, and your mortgage opportunities will improve, too.
Best wishes....
1 vote
Faith Brashe…, , Riverside County, CA
Sun Sep 9, 2012
Good Morning,

I wanted to take a moment to introduce myself. My name is Faith Brashear and I am local Broker/ Realtor in the Riverside, San Bernardino area.

If you have been worried about credit being an issue in applying for a home loan or perhaps no money to put down on a home, you may be interested to know that a no down payment with no fees home loan program that is not credit driven is out there in CA. In fact it takes very little funds to close and offers below market interest rates specifically geared for those of us who have not had ownership interest in a home within the last three years.

Below is a link to the No down payment loan program. The rates are typically as much as 1% under current market rates. This is VERY real, so stop doubting. I am here to help you on your quest for home ownership. I am a home advocate, a Broker, a Realtor, and an approved volunteer for this program.

Bank of America and CitiGroup support it’s funding and billions are available for it. These programs are a direct result from the stabilization efforts you have been wondering were real or not. So get ready to read about it from a true home advocate who has been on the front lines getting this program out there to people just like you. You are more than worthy.

Saving the Dream


To register simple click on the Register here for the program link or email with the following information

First Name:
Last Name:
Last 4 SSN Digit:
Street Number:
Street Name:
Apt. #:
Zip Code:
Home Phone:
Mobile Phone:

You will have to work with a NACA trained Realtor to purchase a home when you have been approved for their loan.

It costs you absolutely nothing to enroll in a counseling workshop and no one who meets programs criteria can be denied as long as you follow the parameters outlined through the workshop. The fixed 30 year rate at 3.375% (as of 9/7/2012).
0 votes
Dana Schuster, Agent, Slidell, LA
Tue May 5, 2009
FHA now requires a minimum credti score of 620,for other financing a 720.
0 votes
Steven Ornel…, Agent, Fremont, CA
Tue May 5, 2009
Hi Kandyse,

I agree with Catherine, VA can go 100%. They also "do not have a min credit score."

USDA loans can go 100% and additionally "do not have a min credit score":…

While both VA/USDA "do not have a min credit score" lenders may require one to do the loan, in this case, expect 620 to be the norm.

Other than these two options an FHA allows a min down of 3.5%.

Best, Steve
0 votes
Catherine Ba…, Agent, Cardiff, CA
Tue May 5, 2009
Hi Kandyse,

you have bad credit...That will be a problem when buying a home in this lending market. I would recommend which I do for all my clients is to speak with a lender who can help you start cleaning up that credit. Some lenders are very creative and can help clean up your credit in a timely manner.

Zero down i am seeing on Veterns Adminstration loans (VA) or some are getting first time home buyer assistance from cities throughout San Diego County. I know Vista has a great program to help first time home buyers purchase a home. These programs are usually only funded certain times of the year so you will want to speak with somebody in the city you wish to purchase your home. The federal government also has some first time home buyers assistance programs currently being offered. Again i would reiterate that you speak with a lender that can help you with all this.

I wish you good luck in purchasing a home in this great buyers market.
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