6 Thoughts on how or wat is the best way to get a loan to buy a house.i have zero credit and little money down?
  1. Reply
    Tea
    February 17, 2014 at 12:58 am

    Build up your credit and your savings for the next few years and then think about it.

  2. Reply
    Gerald
    February 17, 2014 at 1:12 am

    you go to different lenders and ask what is required from you

  3. Reply
    R P
    February 17, 2014 at 2:03 am

    You are going to have a hard time being pre-approved for any amount of a loan at this time You need to build both your credit and your savings account before you consider buying a house.

    Not only do you need the money for down payment and closing fees, but you’ll need money set aside for emergency repairs. Keep in mind, when you own a house, there is no landlord to call when things break; you get the privilege of paying for all repairs.

  4. Reply
    Debdeb
    February 17, 2014 at 2:32 am

    You improve your credit and save some money.

  5. Reply
    loanmasterone
    February 17, 2014 at 2:54 am

    In order to obtain a mortgage loan loan you would need to contact a local mortgage lender where you and your wife would need to apply for a mortgage loan. Make sure this mortgage lender is authorized to do government mortgage loans such as FHA and VA.

    Once you have applied your, mortgage loan officer would obtain a credit report for you and your wife. If you have no credit, there are legal methods your loan officer would be able to do to get you several trade lines. You would need a minimum of 3 trade lines.

    There would be several things you would need to take and make available to your loan officer
    #1. Pay stubs from each of you for each job
    #2. Federal income taxes that were filed for the past 2 years.
    #3. Bank statements for the past 3-6 months as well as any 401K accounts you have

    There would be other items your loan officer would require during the approval process. Make sure you supply the requested documents immediately to facilitate the approval of your mortgage loan.

    Once all has been approved, you would be issued a pre-approval letter that would inform you of the amount your mortgage lender would approve for you to purchase a house.Your letter would also indicate your interest rate, the amount you would be required to pay each month and how long your mortgage would take to pay off.

    Your down payment be based on the mortgage loan program you are approved for.

    #1. VA mortgage loan- No down payment
    #2. FHA mortgage loan-From as low as 3.5%
    #3. Conventional mortgage loan- 5% to 10% down, to avoid Private Mortgage insurance the down payment would be 20%.

    Your bank statements should indicate you have this down payment amount in your checking or savings accounts, as well as an amount for the closing of your mortgage loan.

    Once you have your pre-approval letter, yo would then be able to contact a local real estate agent to assist you in finding a house you would want to purchase.
    .
    I hope this has been of some benefit to you, good luck.

    “FIGHT ON”

  6. Reply
    dog ma
    February 17, 2014 at 3:16 am

    Save up a down payment and build up your credit. Some loan officers may be willing to work with you to give you a game plan for possibly buying in the future.

    Improving your English skills will also help if you are wanting to expand your career options.

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