2 Thoughts on What kind of programs to help people buy homes with little credit and no money / little down?
  1. Reply
    Go with the flow
    December 10, 2012 at 9:26 pm

    FHA.
    640 credit required. No items in collections
    Down payment of 3.5% plus some money for costs.
    Employment requirement = 2 solid years with tax returns.

  2. Reply
    loanmasterone
    December 10, 2012 at 9:55 pm

    Basically there are few mortgage loan programs where you would not need some type of down payment or at lease closing cost. There are techniques used by real estate investors where they would use so as not to use their own money. In order to use these techniques you would have to be knowledgeable about them and the method in which you would apply them.

    You might would want to check with your local city and county Department of Housing, to see if there are grants, deferred mortgage payments and other local programs thaw you would be qualified.
    You would have to do your homework as each region of the United States would be different as to grants, down payment assistance and other programs. Ask questions, referrals, charity and church organizations that might be of assistance to you in the purchase of your house.

    FHA offer a 1% down program that you might qualify for and be approved for. This 1% down might even be borrowed. Your FHA mortgage loan officer would be able to assist you with this additional financing. You would have to contact a mortgage lender that is authorized to do FHA mortgage loans and apply for your mortgage loan with this lender.

    The normal down payment for a FHA Mortgage loan is 3.5% and this might be gift.

    I hope this has been of some benefit to you, good luck.

    “FIGHT ON”

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