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Shell_Lee · Sep 14, 2007, 08:28 AM

Originally Posted by boop21197

I'm a mother of two, one 22 who is going to have a baby in oct. who is with the daddy of the baby, he is trying very hard, working all the time. but most of his money is going towards the baby.
then one 17 who is mildy mental retarded,
they all live in a one room basement apartment.
they really need a 3 bedroom house.
Is there any such thing as getting a house with bad credit, no credit, and no money down, if so were?
they can afford to pay 600.00 a mo.

To the OP -

My fiancé and I just bought our first place in May. We weren't planning on buying, but the place that we found was too good to pass up (2 bedroom condo for $80,000) We didn't have the worst credit when we bought, but it wasn't GREAT either. We were middle. We also didn't have a down payment (like I said before, we weren't planning on buying anything for a few years)

Well, we went to a Mortgage Corporation. They got us into a program where we got a FHA loan (Federal Housing Administration) We got 100% financing with no down payment, a decent interest rate, and low closing costs (which the seller paid for anyway)

The only problem I see is the $600 payment that you are looking for. I mean, we took out $80,000 and with taxes (escrow) our payment is over $600.

DianeV Sr Loan Officer · Sep 18, 2007, 08:27 PM

Let me get straight to the heart of this matter. Right now your daughter and her boyfriend have enough to handle without the burden of the house. They need to get their income and credit in order and then look. Perhaps they can find subsidized rental housing in the meantime. FHA will not give a loan with bad credit. Any program that is worth it's while requires good credit.

As the mom, are you in a position to go on a mortgage and perhaps you can all live together. That may be an option.

But the kids are young. If they put their minds to it, they can get straightened out and then buy a house.

Waysplusmeans · Oct 3, 2007, 10:17 PM

The biggest is challenge for some facing foreclosure who actually have equity in their home is that they need you to pull them out, but they also cannot stand the fact that you will make something on the deal.

Originally Posted by excon

Hello consultant:

And, I just had to respond.

I agree with you that there ARE creative methods available to the OP. I think you have the right idea too... But, you're missing something.

In the first place, a seller looking for a credit challenged buyer is in BIG trouble himself. He probably is upside down and has NO equity. But, if he DOES have equity, why would he give it away?

The next problem I have is IF the seller DOES give the equity away, it ISN'T cash and can't go into a bank to pay for anything.

excon