Q: Is it possible to get home loans with bad credit and no money down?
A: While (technically) there may be ways to go about getting home loans with bad credit and no money down (such as working foreclosures or homes that have gone through probate to your advantage, rent-to-own situations, ect…), the facts are that the days of receiving home loans with bad credit and no money down are long gone, and 99% of the time there will be absolutely no way to get home loans with bad credit and no money down.
To receive a home loan in today’s market, most home loan lenders are looking for a minimum of 3.5% down (many home loan lender will require more), along with some money for the closing costs and fees, as well as a minimum credit score of 620 and steady employment for a few years.
The best thing to do if you are looking for home loans with bad credit and no money down is to contact a lender. Each individuals financial situation and circumstance are unique, so you really wont know what criteria you’ll need to satisfy to receive a home loan unless you speak directly with a lender. There are some home loan programs out there that you may qualify for such as an FHA loan which is 3.5% down or a USDA which is 0% down, also depending on what state you live in there may also be bond money available. Home loans with bad credit and no money down are highly unlikely, but again you wont know what you’ll need to get a home loan until you speak directly with a lender.Thanks for stopping by the RentRodger.com Home Loans And Financing Blog. We provide answers to home loan and financing questions to help current renters become homeowners, and to help current homeowners save money!