does anyone know of a legit mortgage lender?

I am wondering if there is a legitimate mortgage lender that lends to those who have bad credit and no money down. My husband and I both have horrible credit but are moving from Florida to North Carolina. I have been a stay at home mom for four years but will be taking a nursing job and my husband has been employed for five years but is taking a new job. Any advice would be wonderful (besides the obvious - pay off outstanding debt and raise credit score).

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  • 9 years ago
    Best Answer

    " am wondering if there is a legitimate mortgage lender that lends to those who have bad credit and no money down." - No, there is not.

  • 9 years ago

    The only zero down loans available are VA loans. If you are not a veteran, you can't get one. Credit scores must be 640 for most lenders. 5 years ago with horrible credit & no money down you would have gotten a sub-prime loan that would have been adjustable rate. Those days are gone forever, after causing the destruction of the economy. FHA requires 3.5% down & again 620-640 score & 2 year job history. Rent, save money & clean up the credit if you want to become a homeowner.

    Source(s): 25 years mortgage lender.
  • 9 years ago

    There are new federal requirements to qualify for a mortgage.

    You must have a certain credit score.

    Sufficient salary with two full years worth of employment.

    And for goodness sake, havent you heard that the days of 0 down are long, long gone?

    You will need 10% down (since this is your second home) and you will need to leave some cash left over in your savings

    Consider renting until you can get that down payment and emergency savings gathered up

  • ?
    Lv 7
    9 years ago

    No there are NONE Lenders making mortgages to those not qualified is what caused the recession

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  • 9 years ago

    Absolutely ZERO.

    For most conventional loans you will need at least 10% down. For FHA, you need 3.5% down. The days of toilet paper loans (no money down) are thankfully behind us. For the time being, you can rent until your credit improves.

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