Business & Finance

I would really like to buy a house the only problem is years ago I had a fore-closer and I wish now that I'm older and wiser I wish I was able to get a home. My husband had a gambling problem. which ruined my credit. He doesn't have that problem now. But my credit got shot.

no mortgage until a few years has passed since foreclosure. in a few years your credit score will be higher. save some cash because even with good credit you need down payment now. $0 down days are long gone.

possibly with a bad credit rating . byt with no down payment you will get no where fast.


hope ive helped

you must be not less than 4 years away from the foreclosure and have a credit score (middle of 3) of not less than 620. Yes there are 100%loans still available USDA and VA
I am a mortgage banker in TN

There are ways. The question is- are they worth it?

The less scrupulous lenders have come up with many ways around the rules over the years, and they are likely to invent more to get around the latest rules that have emerged.

The REAL question is, SHOULD you try to buy with bad credit and zero down? You will most likely be charged extra fees or points, and you will pay a higher interest rate. At our office we use software that will project the cost of any given loan over an amount of time, and we can even put in multiple loans we are looking at with a client, and compare them. You are going to end up paying higher fees and losing a lot of money in interest in the first several years of any loan that is given to you right now if that is your situation. It would be better to create a budget, maybe even get a REALTOR to do one of these types of software loan comparisons, and show you what you would be losing monthly by accepting a sub-prime loan right now. That money would be better spent being put into savings or paying off some bills. If you have any credit cards left from before your credit got shot you could also start making small charges on them and paying them off monthly. This will help re-build your credit.

Sometimes the best option is to not buy, but to focus on rebuilding your credit instead, so that in a few years you can go in and get a loan with better terms that won't waste so much of your money. Lower interest rate and lower fees usually means you can qualify for a higher loan amount, too, so if you just focus on your finances instead, you should end up in a better position to get a loan AND be able to qualify for more, which usually means a nicer area and/or a bigger home!

It depends on a couple of things.
1) How many years ago was the foreclosure?
2) Is your middle credit score at least a 620?
3)Have you paid your debts on time for the last 12-24 months?
4) Where do you want buy?

If you're looking for a home in a "rural" area you may able to get a no money down USDA loan but you need at least a 620 mid score and at least 3 years from since the foreclosure.