Posted on: 13th Sep, 2008 08:29 pm
My husband and I currently are renting a condo and wish to move into a home that will be ours some day. WE pay 850 in rent and 150 for a storage unit. We do not have good credit and don't have a downpayment. Is it possible to get a 100% mortgage loan with bad credit?
Thank you for your consideration and time,
Michelle Crisp
Thank you for your consideration and time,
Michelle Crisp
Hi Michelle,
It really depends on the specifics of your credit, i.e. scores and recent delinquencies. 100% financing with 'bad' credit will be very difficult to find but you should definitely explore all of your options, including taking steps to improve your credit. You may want to also consider a Lease with the Option to Buy, as it may be a viable interim solution.
Best regards,
It really depends on the specifics of your credit, i.e. scores and recent delinquencies. 100% financing with 'bad' credit will be very difficult to find but you should definitely explore all of your options, including taking steps to improve your credit. You may want to also consider a Lease with the Option to Buy, as it may be a viable interim solution.
Best regards,
Thank you for your reply- I have been working on my credit- I have since paid off and settled 3 of my outstanding debts and am working on a 4th now. Who would you suggest that I should look into for a mortgage with no money down and 100% financing.
Thanks again-
Michelle
Thanks again-
Michelle
mlcrisp, the extent of your "bad" credit is critical. depending on your location, you may find that there is a bond program offered in your state that will allow for a low score and afford you 97% financing on a first mortgage, with the possibility of secondary (down payment assistance) financing to 100% or more.
what we don't know, of course, is the answers to those 2 variables - your location and your credit score. generally, i think you'll find that if the score is 580 or below, you'll run into additional difficulty.
what i would advise at this stage is look into the possibility of a bond program in your state; then look for the list of lenders who are authorized; next, contact one or more of those lenders to see specifics as to qualifying.
it's not a lost cause, but it's also a difficult thing to do. 100% financing in the conventional sense has disappeared.
what we don't know, of course, is the answers to those 2 variables - your location and your credit score. generally, i think you'll find that if the score is 580 or below, you'll run into additional difficulty.
what i would advise at this stage is look into the possibility of a bond program in your state; then look for the list of lenders who are authorized; next, contact one or more of those lenders to see specifics as to qualifying.
it's not a lost cause, but it's also a difficult thing to do. 100% financing in the conventional sense has disappeared.
