i wanna buy a house, i dont have credit. first time home buyer. is there anyway i can get a home and not put anything down?
(0) | asked by: ashley creasman | share | 74 months ago | Report
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To be honest, I don't think you can get a loan without some sort of credit. Everything is driven by credit score. Yes, there are 100% USDA rural development loans in some areas that are considered a depressed economic area. These will mostly be in outlying areas. Email me and I will be happy to get you in contact with some lenders that can guide you through the process.
That is a good question, most lenders can answer that for you. I know there are some loans they lenders use ex: cell phone bills, rental payments, etc. as sources of credit references.
The best way to find out for sure would be to talk with your local lender. I would go to your bank and speak with someone there. They can at least get you going in the right direction. They know what it takes to get money to buy a home in todays market. So the best thing you could do is start there. Thank you for your question.
answer by Wanda Harris
We want to buy a house in Tennessee but are recovering from a bankruptcy. Am interested in renting a home on acreage (for horses) till we can qualify for a mortgage, App. another 1 2/ yrs. What are our options. Lookin in Franklin, Spring Hill, Columbia area thank you Wanda
Hi Ashley: It can be tough buying a home without any down payment, but there are some programs that can help with this so check with a good local lender. There also is the possibility of a no down payment USDA loan in rural areas, including some small towns. Again a good loan officer can help you check into this option. As for having "no credit," I assume you mean that you have used credit infrequently. Sometimes mortgage companies and banks can verify that you pay bills on time by checking things like rent payments, utility payments, car payments and other credit history that does not appear on your credit report. Again, talk to a lender. Best, Ron Rovtar, Boulder, CO.
You need to speak to a mortgage loan officer. The days of zero down payment disappeared due to the high level of default on loans given to home buyers who really could not afford as much as they were buying. With the new lending restrictions put into place after the mortgage meltdown, it is trickier to obtain mortgage financing. One way of obtaining a loan without a down payment is to receive a gift of the down payment from a family member and get FHA financing. You can establish some evidence of credit worthiness in as little as six months and if you receive a gift of about 3.5% of the loan amount, a FHA mortgage may be an option for you. If you are a veteran, either Active Duty, or a Reservists/National Guard member who have served on Active Duty you would qualify for 100% financing on a VA loan. This loan is guaranteed by the Federal Government therefore your credit score can also be lower. The bottom line is that this could be very doable with some guidance, the lenders I work with help first time buyers and people with credit problems reestablish credit by helping them take the necessary steps toward home ownership. You can contact me at the number on my profile if you want me to direct you to them or if you have any other questions.
Start with visiting a mortgage broker to see if there is a way for you to qualify for a program. But think about it, if you don't have any money to put down now, how will you make repairs when things break, or need updating in the future?
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