hello, How much down payment is required for a no credit check loan?

Asked by mdsuriel, San Diego, CA Mon Aug 27, 2012

I am looking to purchase a house in North Las Vegas between 150k and 165K, what percent down payment do I need for a no credit check loan ?

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4
land, Home Buyer, Perrysburg, NY
Sat May 25, 2013
If you've had a job for at least 2 years and it is a single family home, go for an FHA Loan, see basic details at http://www.zillow.com/fha-loan/ See also FHA's website.
OR
Find an old couple w/o kids, who just want rid of their second house, or someone else in trouble that you can either have them owner finance or take over the loan (hopefully taking over an FHA loan.)

Owner financed houses can be a great way to go, you just have to search harder and talk a good story. Be ready to do both. Depending on where you are. You're Las Vegas, I'm in MA. MA got killed in the crash, so everyone is looking for these options, including investors - making them even harder to spot. I don't know about Vegas., but they are out there. Patience and save more money is the best answer.

Banks are not your answer until you can clear your credit report. Chapter 7 and 11 take different amounts of times (5-10 years) to allow you to remove them from your credit report (although, it is illegal for the bank to run and "find out", they do it anyway, so have a story ready - I know this from experience)

If your report is just "reasonably" bad, with 20% down, you can find a bank with ridiculous %'s, points and other closing costs, and then re-fi in 5 years while you clean up your report.
0 votes
Lorraine Sol…, Agent, Las Vegas, NV
Mon Aug 27, 2012
Hello,

Well now days the only way not to have a credit check is to pay cash.
I am not sure why you don't want a credit check. Is it because you
have just gone through a short sale or forclosure. If that is the reason
then there are some banks willing to give you a second chance.
Especially on short sales. Please let me know if I can be of help.

Thank you,

Lorraine Solomon
Realty One Group
702-340-8664
0 votes
Marsha Goldb…, Agent, Henderson, NV
Mon Aug 27, 2012
Those loans are a thing of the past and are exactly part of the reason our housing market tanked. The only way to escape a credit check these days is to purchase a home for cash. There may be some portfolio loans out there that will take a lower credit score but the interest rate will be quite a bit higher than the going rate and you may be asked for at least 20% down payment.

Marsha Goldberg
Universal Reaty, Inc
2490 Paseo Verde Pkwy #115
Henderson, NV 89074
(702)340-2354
0 votes
Evan Lois, Home Buyer, Los Angeles, CA
Mon Aug 27, 2012
100% + closing costs. Although, I suppose some hard money lender might do it for 60%, 5 points, and 10% interest.
0 votes
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