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Is it possible to get a mortgage with no down payment and bad credit?
This is a discussion on Is it possible to get a mortgage with no down payment and bad credit? within the General Chat forums, part of the Main Category category; My husband and I just got married this month and would like to purchase a home together. However, we had ...
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06-08-2008, 12:22 PM
| #1 |
| Junior Member Join Date: Jun 2008
Posts: 1
| My husband and I just got married this month and would like to purchase a home together. However, we had a child young, before we got married, and we have pretty bad credit. We also don't have a lot of money to put down on a home. We can, however, afford fairly high monthly payments (we rent at $1100/month now). Do we have any options for purchasing a home? |
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06-08-2008, 12:22 PM
| #2 |
| Junior Member  Join Date: Jun 2008
Posts: 1
|  I would say you would have, during the boom, but you don't now. With bad credit and no money down, plus the lenders worried about whether you'll pay them back, they will not be as willing to give you a loan. Clean up your credit and pay off your debt first; there is no rush to buy a home, particularly as they are declining in value anyway and you might end up in negative equity. |
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