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HAve a question about buying a house, please read

I have no credit (rent history but no credit) and no downpayment... do you think I would be able to buy a house?

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Anonymous

Asked by Anonymous at 2:35 PM on Dec. 20, 2009 in Just for Fun

Answers (7)
  • My husband and I didn't have credit history and got approved for $100,00 with NO downpayment! Boy were we shocked LOL so it can't hurt to try!
    HannahLee87

    Answer by HannahLee87 at 2:38 PM on Dec. 20, 2009

  • Do you make payments to utilities or like a cell phone? My boyfriend just bought one and didnt have much credit history so they made him get proof of paying all the little things like that. I would just go check it out.
    Anonymous

    Answer by Anonymous at 2:45 PM on Dec. 20, 2009

  • We didn't have much credit history when we bought our first house, and also no down payment. Ask your realtor about the first-time buyer's programs.
    Pnukey

    Answer by Pnukey at 2:49 PM on Dec. 20, 2009

  • We've bought and sold three homes. We hard poor credit at first. Some realtors work with, as part of their own suggested lenders, lenders who give serious consideration to prospective buys with a difficult credit history. Just call around to realtors and explain your situation. Even if you had credit it's all based on credit scores - low scores sometimes are refused outright by lenders and other lenders are nicer and will allow explanations and reconsider. For even a person with poor credit it's possible to get a mortgage that person just has to explain somewhat reasonably all poor credit items from years ago even.

    For our first house we had to explain poor credit from five years before up to two years before we bought. Now with our third house that we've bough we have great credit.

    Realtors usually require or push for a buyer to agree to prescreening thru the realtors choice of lender or buyers choice.
    lfl

    Answer by lfl at 2:51 PM on Dec. 20, 2009

  • I had bad credit when I bought my first house. Our state has what is called the SHIP program and they gave me $10,000 to put down on a house. I had to accept a higher interest rate bc of my credit rating but I got the house.
    admckenzie

    Answer by admckenzie at 2:56 PM on Dec. 20, 2009

  • we were able to buy with no downpayment and less than perfect credit, we were approved for $200,000. There are many programs that will help we had the VA loan available but choose to save it for when we retire and sell our current house. We got the rural housing loan.

    What we did was talk to a mortgage broker first and find out what our options were, they had access to many different types of loans and were able to give us options. Once he was able to match us to the loan we wanted then we went to a realtor and that way we new what the terms were that we could offer. All of our closing cost were paid by the seller. We only paid $1250 out of pocket, $1000 submitted with the offer then $250 for the apprasial. we ended up getting $500 back at closing.
    3_ring_circus_

    Answer by 3_ring_circus_ at 3:04 PM on Dec. 20, 2009

  • You can only get a loan with no down payment if you get a VA loan. Otherwise you can get an FHA loan with 3.5% down or a traditional loan at 5% down, butt FHA and traditional both require good credit. I'm not too familiar with the rural housing loan, but I know that it does require SOME down payment.

    I wanted to add that some lenders are "loaning" the down payment up to $6000 I believe. You are supposed to pay it back when you get your first time home buyers tax credit.

    That being said, I don't think that it is wise for you to buy a house if you haven't even saved enough for a down payment and some closing costs. You are going to look like a "risk" to many lenders and you will likely get a higher rate as a result. If you really want to buy a house, you should start contacting lenders for an appointment with a mortgage specialist, to assess you personal situation.
    twin_mommy

    Answer by twin_mommy at 3:33 PM on Dec. 20, 2009

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