Bad Credit No Money Down Loan

Sounds like you need to rent. Send the next 3 to 5 years getting your credit improved.

If you had 20 to 30 percent to put down you may have a chance.

About the only thing I can think of is a owner finance, a lease purchase or a contract for deed, if you find a new seller who does not know better and does not ask for a large down, But there will have to be a down.

Also of course you did not say where you are at, since around here you can rent a 3 bedroom brick home on large lots for 500 to 600 dollars.

So perhaps you can find a low cost rental, start saving money up for a down paymet, start making settlements on past dues and paying bills on time and clearing up the credit.

__________________
Faith makes all things possible, but no one said it would always be easy.

My favorite up and coming Indie Artist.
http://www.reverbnation.com/LadyToniGA

http://itunes.apple.com/us/album/marys-arms/id306821400

http://itunes.apple.com/us/album/chr...es/id306820830

Fr_Chuck has the right idea. Rent and try to repair your credit.

Have you thought of applying with Habitat for Humanity?

__________________
There is a bit of insanity in dancing that does everybody a great deal of good. ~Edwin Denby

There are so many people like you that were misled or lied to by shady loan officers or mortgage brokers. Listen to those who are telling you what you cannot qualify for and do what you can to fix it.

Hi,
Last year when I was living in Simi Valley, CA I contacted a real estate agent in Branson and A Mortgage Broker in a near by town. (Springfield, MO). They began working with me before I left.

My credit was terrible (550) and I lucked out and found the best Mortgage Broker ever! First he has a saturday radio program played through most of the United States.

We came to Branson, Mo in June of 2006 and on August 10th (two months later!) we were in a five bedroom, tri-level house, on a quarter acre for the paltry sum of $157.00!

I do not know if I can mention his name or his company but to make a long story short, he helped us find free funding for a $5000.00 down payment.


If you are interested his email address is: Please ask to be put on his very informative newsletter list, ask for the saturday free mortgage call in station, and ask for the new down payment assistance program that offers home buyers the chance to become a homeowner and finance most of the closing costs. (The $157.00 that I paid was my closing costs.)

I will gladly give my mortgage broker's name and phone number when/if I find out that it is okay for this site.

He helps clients throughout the states by the way.

By the way, I did a lot of research by way of the library and real estate sales people in southern Ca and south west Mo for at least a year and talking to my mortgage broker. (I do not know if I can mention his name.) Of course you should not go off half cocked trying to do business with such an expensive purchase as a house or a car I am not mentioning my mortgage man or his company because I was desperate. We were on a rental list for nice low income homes to start with but when the dust cleared and we got the okay from everyone we were pleasantly surprised to find that we weren't tricked into getting financial help from a charlatan. He was surprisingly personable, friendly, helpful (his info always came up honest and fair after some research) and the guy went out of his way to personally compose letters to the FHA people and to teach me how to straighten my credit out by cold calling my creditors and saying just the right things to settle my problems with them and erasing a enough of the bad credit to make it possible to walk on floors that belong to ME.

I am not a realtor or mortgage broker and you do not have to believe anything that I say here. If you can use the info...go for it. My broker doesn't need for me to sell his business skills and in fact doesn't know that I wrote this testimonial as I have not spoken to him for a while.

It can be done but you better have 10% down and a great debt to income ratio, housing expense( rent/mortgage,cars, credit cards,other obligations) total obligation/income, not food water bills etc. Under 50% and housing expense ratio, mortgage/ income 36% or under for FHA.Subprime loans can get expensive.
Lease option alternative or a form such as that, pay rent and bills ontime for a year get your credit report, clean it up and get good credit established. When its time to buy its a lot easier can actually act as a refinance! Go to DOWN PAYMENT ASSISTENCE CLASSES FREE Credit report www.annualcreditreport.com

And don't get into debt you can't afford do you know the rate of bankruptcy and foreclosure.

There are some lenders who are considered preditors by many, who lend to those that perhaps should not be. A person has a bad credit rating for a reason, and those reasons need to be addressed before they borrow thierself into more trouble, IF they are already not paying bills on time, getting more bills is not aways best for them.

Of course everyone's reasons is different, but it needs to be looked at closely.

__________________
Faith makes all things possible, but no one said it would always be easy.

My favorite up and coming Indie Artist.
http://www.reverbnation.com/LadyToniGA

http://itunes.apple.com/us/album/marys-arms/id306821400

http://itunes.apple.com/us/album/chr...es/id306820830