how to get a home loan with bad credit ? and no money down ?

How can you get a home loan with no money down and your credit is not the best ?

My wife has pretty good credit but she is a stay at home mom . We are trying to get a home

And it is not that much that we need it is only 60,000 and I need to know if anyone knows of a place that gives loan ‘s with your job as your hold . Thanks

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  • Anonymous
    1 decade ago
    Favorite Answer

    Talk to your Realtor about a lease to own, your payments will be less (than if you buy and pay 12%) and you can have some time to get your finances in order.

  • 1 decade ago

    Work on fixing your bad credit first. Start by paying down those credit cards. Carrying balances of more than 30% of you limit, kills your score.

    Next starting clearing up the negatives on your credit report. Mortgage companies will require you pay off old debt before giving you a mortgage anyway. Start with the newest and work backwards. You can often settle for less than the balance. Lump sum payment gets the best deals. Any payment plan has to be short term. Get any settlement agreement in writing and don't give them access to your bank account. Ask for delete for pay -- some will, some won't.

    Start putting a set amount every payday into a savings account for a downpayment.

    The housing market is in flux right now. You're better off waiting for things to settle. Just use the time to put yourself in a better position.

  • 1 decade ago

    Are you buying a $60,000 home? Why can't you put money down if you have something to put into the purchase? In other words, i assume you aren't buying a $60,000 home, that you are buying something more than that. If so, you have cash yourself, equity in a current home, or someone is lending/giving you money to put on the purchase all ready.

    I don't understand, given what you've described, why you can't put money down? In either event, you should save up a down payment. DOn't be in such a rush to get into a mortgage that is going to cost you a lot of money - if you can find a lender in the first place)

  • 1 decade ago

    First join a credit union, they are better than a bank, they work with you, better rates. If you are a first time home buyer you can receive 100% mortgage. Try NACA.com, they take a little longer to process your mortgage with out any fees and I do mean no fees. Check out the website, also they do not use your credit reports like the banks use it. The banks use it against you, NACA.com use it for you! When you get to make an appointment with NACA, Please mention my name Michael E. Ingaran. When you go to the website you will understand why.

    My website:www.debtfreeforyouandme.com

    Have fun with your new home, Michael

    Source(s): NACA.Com, Gov. Manuals, Real Estate and Mortgage School, www.debtfreeforyouandme.com.
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  • 1 decade ago

    There are very few mortgage companies out there now that will offer 100% financing. Depending on the state you're located in, there are some state run buyer assistance programs out there that can get you to 100% financing and may provide closing costs assistance. Depending on how "bad" your credit really is, you may be able to go obtain FHA financing at a 97.75%+ LTV and then obtain a DAP to assist with the downpayment and closing costs.

  • Anonymous
    1 decade ago

    lease to purchase a home. Its the only way to buy anymore. You do not need any money down and can resell the contract for quick cash.

    contact a seller and tell them you will take over the mortgage and buy it fully in 5 years. they are happy just to get out of it. Then live in it yourself or sell it on one year rent to own contracts and collect 5-10% of the sale price as a non refundable down payment. When they are one day late evict them and re-rent it. If they do buy it in a year you made a tidy profit. Its all win-win

  • My recommendation at this point would be to lease with option to buy, pay less now, restore your credit, and then purchase at a low interest rate, there is a buyer's market, plenty of inventory available don't rush into anything before you are ready.

    Source(s): www.eaglecreditrestoration.com
  • 1 decade ago

    don't know where you are ... in my area the answer would be that you don't

    lenders have imposed minimum down payment controls here -- minimum downs have been hiked 5% across the board and that's on top of the ones previously wanted.

    Source(s): market here is expected to decline and lenders are protecting themselves as you'd expect
  • 1 decade ago

    Go to wells fargo.. They lend to people with bad credit.. What location are you? we are in OHIO.. and wells fargo told us if the lender will accept ameridream downpayment assistance and do closing cost.. It can be done.. Check online with wells fargo ..

    Source(s): wells fargo
  • 1 decade ago

    Ey sup butterflysmile

    Im not exactly sure what you looking for...

    But I found this site below and from the looks of it I think it would be a lot of help...

    anyways, gud luck butterflysmile

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