I have 2 childern,
1 is 22 and just had a new baby, and bad credit,
1 is just turn 18 and got his first credit card,
They are wanting to get a home, now they can afford 800.00 payments
They have no money to put down
They have no money for closing
Can they still get a home? If the 18 year old apply's for one,
The 18 year old is on SSI disabiliy cause he is mildy retared, but can he try and buy a home.
I feel that there must be a loan company out there that will help them get a home, there are a lot of homes out there that the bank are taking back.
We live in virginia

Good evening...
With all the cutbacks lenders have had to make a situation like you are describing is going to be nearly impossible to do. However, I say nearly because there are a couple of products that are very good that might help, if you fit the criteria.

The first thing you will want to do is get a copy of your credit reports and look them over. Sometimes people think their credit scores are worse than they are. The scores are crucial. In this day and age you really need a middle credit score of 620 to start anywhere. If you need more explanation on credit scores or anything I mention in this e-mail you can send me an e-mail I will do the best I can to guide you through.

There are a couple of programs that are called, My Community, Home Possible, FHA etc. However, each of them have certain guidelines you have to meet. For instance one requires you to be a teacher, safety worker (police officer, firefighter etc) Health Care Provider. FHA is also a good loan but as an example will not allow you to have any lates in the last 12 months.

Please understand I am giving you the simplfied version of these types of programs and not exact requirements. These are just a few that will allow low income, lower credit score, and no down payment customers an opportunity to try to buy a home.

I would start there. I don't work for Bank of America but they have the loans I mentioned above. I'm not sure what their process is but it will be a good place to start and I know they are located in VA. You also can try what they call a mortgage lender or a mortgage broker.

Just be careful because you can go to any one of these three types of places and share your situation with them, without them running your credit. A good lender, after you give them more information willl be able to determine what you qualify for. However, anytime you give your date of birth and social security you are taking the chance that your credit will be run. Though it's a myth that your score will drop if your credit is pulled by one or two, it's unlikely. However, it is best to find the person who seems most knowledgeable about your situation, informed about these types of products and has your best interest at heart. You will just know when you have met that person.

When you get to that point they will only be able to inform to a certain point and then you will need to give them your personal information. Stay away from online lenders sending out mass e-mails and be careful. You have to be smart about it. As the saying goes, "if it sounds to good to be true, it is"

Good luck to you and your family in purchasing a home. It's a wonderful feeling of home ownership. Just be smart about it and if you have further questions please feel free to ask away and I'll do the best I can to get you the answers you need, as will others on here.

Should they get one is the real question, and that answer is no, they don't have funds if the heater goes out, what if the sewer backs up tonight, you have the 150 to call rotor someone to come out.

So save up for a down payment, improve the credit of both parties.

Also if both are living there, there needs to be some written agreement so both have rights.

Your only real choice at this point may be a lease to own, or perhaps a contract for deed, and then maybe some owner finance but most of all of these will require some level of down or large deposit.