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what if you have bad credit and no money to put down, can you buy a foreclosed home?

  • November 18 2012 - Virginia Beach
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Answers (5)

It's very hard one, best of my knowledge this kind of mortgage does not exist in this market. My best advise to you : bad credit mean you are not responsible 2ndly no money mean you are not ready. Fix your credit be ready financially have six month reserve you will enjoy home ownership, I hope I have help your question.
  • December 14 2012
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Profile picture for TariPollo
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  • December 14 2012
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Profile picture for Ofe Polack
It would not be a good idea, who would lend you the money....?  I suggest that you meet with a few mortgage brokers and ask them how can you get from the situation you are in to a better financial position that allows you to purchase a home.  It may sound far fetch at the moment, but if you are focussed and disiplined you will get there.   The best of luck!
  • November 27 2012
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Profile picture for Connie Klemme
it's a bad idea to purchase with bad credit.

after you buy, chances are pretty good that your taxes will go up a year after you're in the house, if you are buying a foreclosure, chances are pretty good that it will need repairs and those will be expensive.
if you have no money to put down, and have bad credit it is HIGHLY unlikely that you can get a loan, and if you can get a loan it's probably the kind of loan that leads your toward more bad credit.

it's best to wait, save money, build credit...wait.
you don't want to start off homeownership under financial stress.
  • November 18 2012
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Profile picture for wetdawgs
No

If you have the dream of home purchase, spend time improving your credit and build up a down payment.  Then you'll be ready to move forward.
  • November 18 2012
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