Anonymous
Anonymous asked in Business & FinanceRenting & Real Estate · 7 years ago

How to buy a home for small down payment & bad credit?

My husband & I want to buy our own home. He does construction & masonry work with his dad, but they don't work for an actual business. They put ads up around town & whoever calls wanting work done, they'll go do it. He's about to start working at a factory again, though. We really want to buy a nice mobile home from somewhere like Clayton Homes, but we don't have tons of money put back to just buy it. Are there any programs or any way we could buy a home for maybe $1000 down & low monthly payments? Like $300-$500 a month? We have two children & are really tired of renting. We'd like to be able to just get our own home & land for the kids. I know most Clayton Homes do land & home package deals. Another thing, I have no credit, because I have never worked before. I'm going to school for my cosmetology license & my husband's credit pretty much sucks. I just want to know the easiest way (or if it's even possible) we could buy our own home for very small down payment & small monthly payments with me having no credit & my husband having bad credit.

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  • 7 years ago
    Best Answer

    No, to make payments you need 2 years of income (what he was doing counts though, he just needs his income tax returns) and decent credit.

  • Ms. E
    Lv 5
    7 years ago

    You'll have to wait until you are both working for a while at steady, regular jobs, and your credit improves.

    The most affordable low-down payment loans are through the FHA:

    http://portal.hud.gov/hudportal/HUD?src=/buying/lo...

    From what I've heard about the land/mobile home deals, is that you need to have a big down payment or you already own the land.

    So, I think you're going to have to wait, get working, fix the credit, and be patient. It will happen, just not right now.

  • Ms. MD
    Lv 5
    7 years ago

    You could try finding a home on land contract. Its a long shot because most people require a large amount of money up front but you might find someone that is desperate to sell their home in a hurry that is willing to work with you. You could also try calling mobile home parks in the area. They normally sell older model mobile homes for cheap as long as you pay lot rent.

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