Hello,

I'm recently out of a halfway house and living with my daughter. I would like to see about buying a house. I have a felony conviction. I currently have stable employment. I have someone that has a house they want to sell. He wants $10,000.00 down and will carry the loan for 2 years. Is there a way that I can get the down payment to secure this home.

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Not for nothing, but we are in the problem we're in today in part because of this way of thinking. The down payment should be paid in CASH by the buyer of the home, plain and simple. 100% financing, which is effectively what you are describing is a thing of the past and given how tight credit is right now is extremely, extremely unlikely. Folks with 10-20% down payments and good credit scores are being denied mortgages right now. A person who puts down 10 or even 20 percent is much less of a risk to the borrower.

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Originally Posted by granmel

Is there a way that I can get the down payment to secure this home.

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Hello g:

Nope. But, your felony isn't stopping you either. You're just like anybody else.

excon

Even a person with great credit can not normally get 100 percent finance right now.

Now you need to work on saving up money

See if you can find someone that is offering seller financing. Because of the economy, many sellers are offering to seller finance, where they hold the mortgage and you pay them monthly. No credit check, no paperwork, but in most states you will own the home.