Is it possible to get a home loan with no down payment and no closing cost with a low credit score?

Question : Is it possible to get a home loan with no down payment and no closing cost with a low credit score?
Are there any programs out there that can help. Also, do you really get a big discount when you buy a foreclosed home?
low closing cost loans

Best answer:

Answer by ~Get Justice~
Yes you can, and yes on the foreclosed home if the price is right. Try the site below for research on the market and programs.

This entry was posted by admin on September 1, 2010 at 8:19 am, and is filed under Loans and Mortgages. Follow any responses to this post through RSS 2.0.You can leave a response or trackback from your own site.

Comments (5)
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#1 written by novastarbanker 1 year ago

The sub-prime mortgage days are almost at an end. With poor credit and no money down, your best bet is to commit to taking the next 12 months to do yourself a huge service and fix what is wrong. If you do find a lender who can get you in, your rate will be through the roof, and you may be sorry for it later. Securing financing for a home is one of the biggest things you will do in your life, and you should do it the right way. You can email ,e at thenderson@acgmoney and I can help you with your credit.

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#2 written by Angela D 1 year ago

There are options available with no closing costs or down payments. Currently there is a high default rate on mortgages, so the lenders are tightening up on the programs for 100%. If you just have low scores and the history in the last 12 months is good, you may have some options. Go to http://www.patriotmortgagecompany.com and browse that site. We have an online application that can be completed. Guidelines vary for each state. If you need more questions answered, you can call 1-800-934-2012 x108.

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#3 written by Yanswersmonitorsarenazis 1 year ago

Go look up the housing finance agency for your state. They’ll have info on loan programs and grants for first-time buyers, including downpayment assistance, closing cost assistance, etc…

And yes, you can potentially save a lot of money on a foreclosure. There’s no guarantees, but it’s more likely.

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#4 written by enoriverbend 1 year ago

Yes, you can get such a loan.

Almost everyone in that situation would be better off not to, though.

You have to ask yourself: If my finances are so marginal that I cannot save up enough for any kind of down payment and cannot even pay the closing costs, am I certain that I can pay the mortgage through the life of the loan?

Or am I walking so close to the edge of a financial cliff that absolutely any unexpected extra expense, or any drop in income at all, will put me over the edge?

If you are happy at the prospect of getting a house now with no down, etc., think of how you’ll feel when you have to declare bankruptcy, lose the house, lose your credit rating, etc.

Besides, by the time you exercise a little financial prudence, and starting putting together a down payment by saving regularly, the housing market may have settled down a bit and the house you have your eye on may be going for a little less money.

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#5 written by flamingojohn 1 year ago

The no down payment part is not too hard depending on what your credit looks like. If it is just low scores- it is not a problem. If you have collections and judgments, it is a different issue.
The no closing cost part is a little more difficult. There are many county, state, and federal down payment assistnace programs out there that you can most likely qualify for. You can also negotiate for the seller to pay part or all of the closing costs for you by playing with the sales price.

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