I am a renter with no money for down payment and bad credit; is there any hope of buying a house?

we are a 2 income family, but have been through very hard times that are getting better. I'm tired of making other people rich. I would like so much to be able to buy my own home, but am not sure with my past history that it is posible. Or how to find out about what to do.I am a renter with no money for down payment and bad credit; is there any hope of buying a house?
Okay I have so many people tell me they have bad credit and they dont. I dont know what your fico scores are, but ive done FHA loans no money down when their top score was 580.



I thin your only option for a loan is either subprime (high rates) or FHA. Call your local broker have him pull your credit. Ask your local broker if he can just run you over DO or LP (broker will know what this means if they dont call another) so you can see if FHA will approve it. He will have to take an application but it will go to a computer system that will say yes or no. Any good loan officer will always run their own DO or LPs. Ive had to change files up to 20 times to get an approval. Underwriters are not going to take the time to do that. I got a denial back from an underwrite and said send me back the DO. All i had to do was put another 5 dollars in their checking account and it was approved.



For your downpayment and closing cost you can get a gift from a family member, or a place like hart. The seller gives the money to hart, hart gives it back to you. You broker will know how to do this.



The other option is to find somebody that will sell you a lease option. You lease the home until you are ready to buy it.



Good luck I wish you well.



If you have any questions just shoot me an email. But I think ive pretty well covered it. Just check more then one broker before you have any of them pull your credit. Just ask questions and loan types ect. But not all lenders do FHA and I think that is your best option. Call a broker not a bank they will have more products.I am a renter with no money for down payment and bad credit; is there any hope of buying a house?
First, since you are starting to do better it's time to save money, $10 out of each check to start, look at your credit report and try to correct that, pay off your cc's and be sure to stay current on all your bills. There are 100% loans to buy a home, but repair your credit first
One of the best ways to figure out what you should do is to actually apply for a home loan to see if you will be approved - at that time the loan officer you go through will be able to share with you, your credit score and general standards. Usually if you are denied they will counsel you on what you may need to work on, as certain debts carry heavier weight than others on your credit report and it is helpful to find out what those things are and attack them first to raise your score. Then work on your credit paying off those items and reapply.
Save, save save and continue to pay all your bills on time. Your bad credit will eventually get better.



Don't rush into it. Wait until you have a credit score of about 720 or higher for the best interest rates, and to avoid PMI, i suggest having 20% as a down payment.



Be patient. You'll get there.
call 1-800-express



rodneyanderson.com



he is mortgage expert and can help any situation
There are going to be a number of different variables that will decide if you will be able to buy a home now or later. First, how bad your credit actually is right now will be the single largest determining factor. There are many companies that will give mortgages to people with bad credit, but the catch is that a large down payment may be required. Next, you need to qualify income wise and you will need to show a good rental history. Depending on how bad your credit is though here is what I recommend:

1. Go to www.annualcreditreport.com and order a free copy of your credit report for you and your husband from all 3 credit bureuas.

2. Check the report for accuracy. Dispute anything you are unsure of or that is incorrect.

3. Go to this credit blog for tips on improving your credit and for information about credit scoring altogether: http://www.fshomeloan.com/index_files/mo

4. Contact a mortgage broker after you have done the first 3 steps and tried to help your credit a little bit (30-60 days after doing the above steps) and see what he/she can do for you or offer you at this time. If this works and is acceptable, congratulations. If not then you will need to work on the steps contained in the credit blog to improve your credit and your credit scores. If things are really bad then a credit conselor may be a good idea or a free consultation with a bankruptcy attorney may not be a bad idea to possibly get a fresh start.
You can do a rent to own or lease purchase type program. Where you find the hous you want and make payments on the home for say 3 yrs and during that time they'll help fix your credit and sell the home when your credit is up at the price they purchase it for. If your interested please contact me.
Sound like it's not too great. First step is to talk to professional, such as loan officer, who could pull out your

credit report. If it's not that great, ask for recommendations

on how to boost your credit history. Two years of great payments history make a difference on your record. Talk to a professionals in the real estate business and listen. Don't

be inactive because you think it's bad, let the professionals tell you if you can or can't.
The first question is do you know all 3 of your credit scores? If the answer is no then go to Equifax. Experian %26amp; Trans Union and you can order your credit report with score for I believe about $15.00. There you can start by checking your score and you can start cleaning up your credit. A lender will use your middle score of the three to qualify you for a loan.



If you have any charge off's then start contacting the collection agencies that have those accounts and try to work out a deal with them to pay off the debts you owe them.



The lenders look at a lot of things not just a score to give you a loan. They look at how many accounts you have open and how often you have been late on them. Understand that a lender is not going to give you a $200,000 loan if you cannot pay a $1000.00 credit card on time.



Just to give you an idea: you can get a 95% loan with a 580 credit score if you do the loan full doc. But with that 580 credit score you will have atleast an 8.50% rate. You can do some research online on the different companies that clean up your credit or you can try to do it yourself.



Good luck!
get someone who is close to you use his or her name to purchase n you have to pay the installment to the person who is buying the property for you....
Not sure where you're located but I do ';Rent-to-Own'; houses WITH TAX BENEFITS. If you pay the notes on time and in full for 18-36 months you can get refinanced and put the house into your own name at that time.
Try http://www.creditbud.com
If your credit is bad because you made poor financial decisions in the past, it is unlikely that you will be able to get a loan or enter into a Lease Option arrangement right away. If you situation is of no fault of your own (a medical problem, hurricane, etc.) you may be able to work with a lender who will explain your situation to an underwriter, or if you have any cash available, you may be able to find a Lease Option (rent to own). If you need help in clearing up your credit, there are several non-profit credit counselling agencies and some mortgage lenders who will work with you to clean up your credit. Either way - We wish you the best of luck.
Depending how 'bad' your credit is, there are still programs out there where you can do a no money down. If your credit is bad, you will also get a 'bad' interest rate. Make sure that IF you decide to go ahead and look for a lender, make sure you are put on a fixed rate, this too will affect your interest rate but worth it in the long run if you can afford the payments. Make sure that you are able to and keep you payments on time and in a couple years you can refinance. At that time, your credit scores will increase from having the mortgage and you will be able to get a much lower interest rate. The key is.....make all payments ON TIME! Good luck.
Some cities sell homes they have taken over for very little money (sometimes as low as $1.00) but you have to prove your income, and agree to live in the property for at least a year. Most of the neighborhoods are in dangerous areas, and most of these homes need work, so you would have to procure funds for that. Really, if you can't get a downpayment together the conventional way, you should not buy now. Home ownership is a very expensive proposition. How will you pay for a repair, if, for example, the

heating system or some other large system breaks down? Better off clearing your credit and saving money for a downpayment. Good luck!