Bad Credit Agency

how can i get a home loan with bad credit without a down payment?

Public Comments

1. Make a lot of money or find a broker who will write a subprime mortgage. There are people who will write subprime mortgages knowing that they will regain the property at foreclosure within 6 months or less.
2. You can't regardless of what people say on the net . I turn down people everyday who come in and are in the same situation . If you screwed uo your credit you are going to now pay for it . When you thought it was cute not paying your bills you only hurt yourself and you actually help people with good credit cause we give them better rates and make people like you pay more in fees , points, and down payments .
3. There are many companies out there that can assist you with purchasing a home - even if you have bad credit and no down payment. They are familiar with organizations that give grants and gifts for home buyers and know about different programs that can assist you in this endeavor. For example: http://www.rentbusters.com/ /edit Edit to say that this is the company my husband I went through. We both have fair credit - not incredible or good but fair. We had a very small down payment and love the house we are now living in. Good luck!
4. You can buy directly from owner with a land contract or a rent to own contract. You will just have to convince the owner that you can pay now. They hold the papers so it is no risk to them. If they do not need to cash out for one reason or another it can have benefits to them tax wise. Just have to have your financial ducks in a row now. I would also suggest letters of reference from previous landlords, business relationships, and personel friends. If you have had financial difficulties, be up front, most people appreciate the truth. Where there is a will there is a way.
5. You will most likely be turned down
6. Dutch Master is an idiot if he believes most people intentionally screw up their credit. I am sad to know people like him are employed in the banking industry. I sincerely hope he never has to endure some of the tragic things that can change a family's circumstances enough that their credit can be negatively affected. As for your question it is possible but difficult. Rent to own can be an option as part of your rent payments are considered to be accumulating towards a down payment and after a period of time, you take a traditional mortgage to cover the remainder of the balance. This also has the advantage that you have a couple of years or more to "fix" your credit report by replacing poor credit with good credit. Some brokers will work with people with dented credit but you may need to be prepared to pay higher interest rates. This may not cover the need of a downpayment though. Occassionally if the assessed price of the home is higher than the asking price of the home, you may be able to purchase the home without a downpayment and with poor credit. In your question though you do not say how bad your credit is. Putting a home on hold and working on improving your credit may be best option for you.
7. BORDER IS CORRECT !!! it is a shame that someone who cannot even type correctly or even notice the check spelling button at the top is actually working for a bank in which he was also stupid enough to list here, he will think again when a copy is emailed to his bosses,, lol follow the advice these folks gave you and see where it leads good luck
8. You can't, be practical.
9. Not going to happen