Question by chelsy132: How can you get into a home without any money down, bad credit and substancial debt? I have been in and out of the hospital and am unable to work , my husband makes over $ 55,000 a year but we are a family of 5 crammed into a 2 bedroom apt. He has student loans and bad credit from divorce. He had a home from his previous marriage, but I have never been a home owner. The question is how can we get out of this hole we are in and start moving on with our life? Iwant to try to be in a home b4 my 3 yr old son starts school.. because the schools where I currently live are unsatisfactory. we currently pay $ 650 a month in rent .. which is more than most of my friends house payments so I am wondering how do I get started trying to improve our situation and get into a home .. with $ 1,000 in debt each month and no way to possibly save for a down payment of any kind. We have paid our rent every month, that is one thing we do make sure gets paid . have been in and out of the hospital and am unable to work , though we have not asked or have been receiving any assistance what so ever. My conditions include spinal bone growths, organ failure and chronic pain , which makes it difficult to just care for my son and my 2 step sons (which are all under the age of 12), Since my doctors have told me I am physically unable to work right now options for going back to work are not really there. My husband works 12 hour days at his job, that he has held for over 7 years. We have 1 car( that is paid off). Our rent of $ 650 a month that we do pay does not include our utlities or anything else. Our phone bills, electric, cable, water all get paid as well and we have a good payment history with them as well. Our credit debt includes :my husbands government student loans, credit cards from his previous marriage, and one month of car insurance not paid by me after I went into the hospital. we are looking for a home in the $ 50-$ 100k price range .. so that we can make our payments. Best answer for How can you get into a home without any money down, bad credit and substancial debt?:
Answer by General Custer
see a bankruptcy attorney and your state housing authority
Answer by Ryan
Try going to a new home builder. Like getting a new car, a new home will probably be easier to get into than a used home. My wife are only 24 years old and also have bad credit (560 for me 580 for her) and debt ($ 3k owed to an apt. complex for broken lease among other things). Combined we only make about $ 40-45k a year which is less than your husband. The home builder that we were with couldn't get us financed in house with them but because they wanted our business our loan officer referred us to another company that got us approved. This company was actually able to use my wife's credit with my income level but this might have worked well for use because we work in the same company. To be honest with you your financial situation seems to balance out with ours because we have not kids but we do pay for a $ 450/mo. car note and our mortgage is $ 950/mo. as opposed to the $ 650 you say that your friends are paying for mortgage. The only thing you must be aware of is property taxes. Property taxes range in different areas but they may be anywhere from $ 2,000-$ 6,000 or more per year depending on where you live. Your lien holder can include this into your note as a monthly payment and many times will depending on your type of loan (conventional, fha, 80/20, etc.). Our taxes for our area are about $ 4,500 a year which puts us at about an additional $ 400/mo. bringing our total monthly payment to around $ 1350. If you think that getting a used house might be cheaper, do your research. We were able to buy our house for $ 130k which is about the price that the used homes were selling for. It only made sense to get a brand new house that cost as much as a used house. The figures however will still run the same with the same taxes and same interest rate only you might have a tougher time getting a loan because there is no one pushing to get your business except for the loan officer and/or real estate agent who can only do so much for you. New home builders have many contacts that make buying a house a possibility for anyone.
Answer by
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Getting approved for a home loan these days is harder for most folks - especially if your credit score is in poor shape due to having lost your job or having made a few bad financial decisions in the past.
If you are looking for no money down home loans and bad credit home loans but don't know where to start, check out these 5 tips that will get you going in the right direction:
1. Research all of your lender options: Avoid just going with the first loan provider or financial institution who will give you the time of day after finding out your credit score. Sure, it can be a relief to talk to a lender who will actually not hang up on you once they know your situation. But, don't just become putty in their hands and let them overcharge you with high interest rates.
2. Get access to lists of providers - not just one or two: You need to put yourself in touch with a whole list of lenders who will are willing to extend you a loan.
That way, you can get them competing against each other to give you the best possible rate (imagine how good that will feel!).3. Educate yourself about what a no down loan is and how it works: A no down bad credit home loan means you do not need to come up with any cash at loan closing. That's a good thing for obvious reasons - more cash stays in your pocket. And, it's unlike what most lenders expect you to do, which is to come up with a 10% or 20% down payment.
4. Set a plan in place to improve your credit score: Once you have secured your list, interview at least 4 or 5 lenders before settling upon one. Once your loan is funded and you are in your new home, it will be on to phase two of your plan: to improve your credit score.
Yes, regardless of your credit history, improving your score 200 or more points within a few months is absolutely within the realm of reason.5. Once your credit score is improved, re-finance with a lower-interest rate loan: Once you have improved your credit score, you will want to re-finance your new loan at an even lower interest rate. At this point, you will already have been in your new home for 6 - 12 months and now will be eligible for a lower interest loan. Talk about the best of both worlds!
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