Question by bbdoll1107: First time home buyer w/ bad credit and 0 down. Is there ANY loans out there for me? As a lot of 18 year olds do, I messed up my credit bad by the time I was 20. Now that I am 25, married with 2 children, I am ready to buy a house and settle down. No more crazy irresponsibility for me. However, my credit is still TERRIBLE and I am afraid it'll take me at least 2 years to pay it off. I really want to do right by my kids and purchase a house in this market while we can buy more house for our money. But, I haven't been able to find the right loan. We won't be ready to purchase a house until February, but I would like to excercise my options now. We live in Temple Terrace, FL and would like to stay in this area since my daughter is starting kindergarten this year. When I was a child I would move 2 times a year and have to switch schools every time. I don't want that for my kids. Thank you for your help! Best answer for First time home buyer w/ bad credit and 0 down. Is there ANY loans out there for me?:
Answer by jlf
An FHA loan requires at least 3.5% down - that is the lowest down payment option unless you qualify for a VA loan. If you have NO cash on hand, you honestly aren't financially ready to buy a house.
Answer by Young@58
If you have a bad credit rating and $ 0 down payment, you won't qualify for a mortgage, and for good reason. Lenders will see you as a bad credit risk, much like the people who "qualified" for the sub-prime mortgages. You need to pay off ALL your debts and establish a good credit rating, then save up at least 10% of the cost of a house as a down payment. Sorry, but that's the straight goods, my friend. Good luck!
Answer by ghothem
We all must (or at least should) pay for our past mistakes. With no money down and good credit, its nearly impossible to find a mortgage today and with no money down and bad credit its impossible. However, now is the time to start working very hard (reducing expenses, taking a second job, etc) to both clean up your credit and start savings for a down payment. You need at least 3.5% of the purchase price as down payment plus reasonable credit to obtain an FHA loan which is likely your best option. Another option you might look at is a lease to own house where you rent for several years and part of your rent payments goes towards a down payment. These can be tricky so you need a lawyer to review anything you are asked to sign. Sorry I don't have better news, but if you start today on your personal goal of buying a home in 2-3 years you can make it happen. Good luck!
Answer by malica
Unfortunately even though you want a home, you don't sound as though you're financially ready for one. If you have enough credit card debt that it's going to take you 2 years to pay off, then now is not the time to buy a house for you. In the past mortgages may have been given to people in your situation, however that's also the reason so many homes are in foreclosure right now so the mortgage industry has learnt is lesson and is no longer giving out high risk mortgages. Congratulations on your change in financial attitudes and starting to turn things around. In a couple of years time when you have your debts straightened out and have saved up a solid down payment, you'll be ready to buy a house.
Answer by clay
You might try USDA rural development loan. I don't know if Florida has this or not. Not all properties or people qualify for this. The properties are qualified in accordance to lot size and location along with other requirements. (In TN five homes on the same street, only one qualifies). (VA seem to go more by county). These are 100% guaranteed loans backed by the US government much like a FHA loan. You will still need to have an acceptable credit score, but lower than conventional. These loans usually take extra time to close. Three months from contract to closing are not unheard of. Be prepared, along with the seller, for closing extension(s). These loans are very trying for lenders and agents so everyone involved will need patients. You will need an agent that will work to get the deal closed. First do what you can to clean up your credit. Second go to your lender and get pre-approved. This will give you an idea of the amount that you can borrow. Remember this amount is the maxium amount that the lender think you can repay. By all means stay under this amount. Hope this helped, and GOOD LUCK
Answer by KC
There are some very good answers here. Congratulations on the change of financial attitude and for having the desire to build that solid financial foundation for you and your family. While paying off your debt and rebuilding your credit I would recommend looking for a lease option. Be certain that the contract provides that all or a large portion of your monthly payments will go toward your down payment when it comes time to purchase the home in a year or two. For example: If you're paying $ 600/month on a $ 100k home and you are able to purchase at the end of the first year, then $ 7,200 (or a portion of it) would go toward your down payment. Congrats again and good luck.
Answer by Or just hey you!
Im 29 and did the same as you did with messing it all up BUT about a little over a 2 years ago i got online and did some research on credit repair and started to. I cleared some VERY old things on there as well as some errors I didn't even know I had. I managed to get a credit card with a SUPER high interest and a VERY low limit BUT i used it every month and paid the balance off every month NEVER let any interest accrue. It's been I want to say over a year maybe 2 and have saved saved saved now we have 3.5% for an FHA and have 5 credit cards which we STILL pay off every month and never carry balances but went from like a score of 550 to 650 because of hard work. I wanted a house quick and painless like you but the reality of it is you have to show these banks you've changed your old ways and can be responsible if that is your goal START NOW and before you know it you will be moving into your new house. Good Luck.
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