Zillow Advice: Moving - I don't have a down payment or good credit. Can I still buy a home? http://www.zillow.com/advice-thread/I-don%27t-have-a-down-payment-or-good-credit-Can-I-still-buy-a-home/515116/ Zillow Advice | Zillow Real Estate I can't count the number ... http://www.zillow.com/advice-thread/I-don%27t-have-a-down-payment-or-good-credit-Can-I-still-buy-a-home/515116/ I can't count the number of times that potential customers have said "I don't have good credit" only to have them talk to a lender and find that their credit isn't as bad as they thought.<br/>First talk to a mortgage professional, have them run your credit and see. &nbsp;The free credit reports you see on line are different that what a potential lender would see.<br/>As for down payments, there are a few options that might be worth looking into. &nbsp;The USDA has a zero down program that is called the Rural Development Loan. &nbsp;It's a great program but is location based. Check the area you live in on the USDA website (when the government is up and running again) to see the locations in your area that are approved. &nbsp;Also, depending upon your income level, some banks offer 0 down loans as well &nbsp;(these are through the My Community Program of Fannie Mae). &nbsp;Gifts from family members can be used for down payments for FHA purchases.<br/>Until you have a conversation with a mortgage professional, I wouldn't give up hope. &nbsp;Also, a good mortgage professional will direct you to a company that can guide you through the necessary steps to improve your credit sufficiently to get the loan approval you want.<br/>Good luck. Mon, 14 Oct 2013 21:51:00 GMT http://www.zillow.com/advice-thread/I-don%27t-have-a-down-payment-or-good-credit-Can-I-still-buy-a-home/515116/ 2013-10-14T21:51:00Z Only way is through a VA ... http://www.zillow.com/advice-thread/I-don%27t-have-a-down-payment-or-good-credit-Can-I-still-buy-a-home/515116/ Only way is through a VA loan for Veterans with the no down payment--if you're in that category as former military in good standing then you're in business otherwise you're not quite ready yet based on your current status. <br/>Therefore, keep renting on time and pay down your debts as that will raise your credit scores. And save your money for the down payment then come back to us. Mon, 14 Oct 2013 21:38:00 GMT http://www.zillow.com/advice-thread/I-don%27t-have-a-down-payment-or-good-credit-Can-I-still-buy-a-home/515116/ 2013-10-14T21:38:00Z Because income and credit ... http://www.zillow.com/advice-thread/I-don%27t-have-a-down-payment-or-good-credit-Can-I-still-buy-a-home/515116/ Because income and credit are the two main requirements for home ownership, you can not simply ignore them. However, there are some other avenues...Regarding credit: you can look to credit repair companies that can help improve your credit. For down payment: you can request gift funds from your family/friends that might be willing/able to help accomplish your dreams of home ownership. &nbsp; Mon, 14 Oct 2013 21:32:00 GMT http://www.zillow.com/advice-thread/I-don%27t-have-a-down-payment-or-good-credit-Can-I-still-buy-a-home/515116/ 2013-10-14T21:32:00Z Hi Olephillygirl,Just because ... http://www.zillow.com/advice-thread/I-don%27t-have-a-down-payment-or-good-credit-Can-I-still-buy-a-home/515116/ Hi Olephillygirl,<br/><br/>Just because you do not have good credit or sufficient down payment, there are things you can do to prepare for buying a home in the near future. The first thing you can do to help your credit scores, is to negotiate your debts with your creditors, who will often time let you pay off the existing debt for half of what was originally owed. This alone will have a substantial impact on your credit scores once these accounts are resolved with the creditors. Once you have done this, it is possible to buy a Fannie Mae Homepath property with as little as 3% down and Fannie Mae will usually be willing to help with at least 3-4% of the contract sales price towards your closing costs.<br/><br/> I hope you found this information helpful and best of luck!<br/><br/>Scott Mees<br/> Mon, 14 Oct 2013 21:20:00 GMT http://www.zillow.com/advice-thread/I-don%27t-have-a-down-payment-or-good-credit-Can-I-still-buy-a-home/515116/ 2013-10-14T21:20:00Z It does not sound like you ... http://www.zillow.com/advice-thread/I-don%27t-have-a-down-payment-or-good-credit-Can-I-still-buy-a-home/515116/ It does not sound like you are prepared for home ownership yet. Mon, 14 Oct 2013 21:12:00 GMT http://www.zillow.com/advice-thread/I-don%27t-have-a-down-payment-or-good-credit-Can-I-still-buy-a-home/515116/ 2013-10-14T21:12:00Z Unfortunately, those are ... http://www.zillow.com/advice-thread/I-don%27t-have-a-down-payment-or-good-credit-Can-I-still-buy-a-home/515116/ Unfortunately, those are two very important things for getting a loan but it still may be possible. What is your exact credit score because it still may work? For example, I have been able to give out loans with scores as low as 580. So if you are in that range or above, you might have a shot. Otherwise, I recommend you work on your credit for a bit. The simplest way to fix your credit score is to pay off your debt and revolving credit balance. Also, FHA loans are popular mortgages that only require 3.5% down. This is a relatively low down payment that you can hopefully save up to after some time. <br/><br/>Either way, I suggest you speak with a lender like myself. We would be glad to speak with you to help you get the loan that you need.&nbsp;So if you have any other questions or need a loan, please contact me through the information on my profile page. I hope this helps and good luck! Mon, 14 Oct 2013 20:51:00 GMT http://www.zillow.com/advice-thread/I-don%27t-have-a-down-payment-or-good-credit-Can-I-still-buy-a-home/515116/ 2013-10-14T20:51:00Z More than likely it is not ... http://www.zillow.com/advice-thread/I-don%27t-have-a-down-payment-or-good-credit-Can-I-still-buy-a-home/515116/ More than likely it is not possible at this time.&nbsp; Work on your credit and get it repaired.&nbsp; Save money for a down payment.&nbsp; In a couple of years you might be in better shape. Mon, 14 Oct 2013 14:11:00 GMT http://www.zillow.com/advice-thread/I-don%27t-have-a-down-payment-or-good-credit-Can-I-still-buy-a-home/515116/ 2013-10-14T14:11:00Z [self promotion deleted by ... http://www.zillow.com/advice-thread/I-don%27t-have-a-down-payment-or-good-credit-Can-I-still-buy-a-home/515116/ [self promotion deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines] Good Luck!! Mon, 14 Oct 2013 02:35:00 GMT http://www.zillow.com/advice-thread/I-don%27t-have-a-down-payment-or-good-credit-Can-I-still-buy-a-home/515116/ 2013-10-14T02:35:00Z If you do not have money ... http://www.zillow.com/advice-thread/I-don%27t-have-a-down-payment-or-good-credit-Can-I-still-buy-a-home/515116/ If you do not have money for a down payment and bad credit, why would you want to add another burden to your plate?&nbsp; I suggest that you get together with at least two mortgage brokers to find out what would it take to improve your credit and save for the down payment.&nbsp; If you are a VA you pay no down payment, otherwise unless you qualify for Rural Development, you will need closing money and a down payment.&nbsp; Good luckl Sun, 13 Oct 2013 16:18:00 GMT http://www.zillow.com/advice-thread/I-don%27t-have-a-down-payment-or-good-credit-Can-I-still-buy-a-home/515116/ 2013-10-13T16:18:00Z Yes, you can buy a home but ... http://www.zillow.com/advice-thread/I-don%27t-have-a-down-payment-or-good-credit-Can-I-still-buy-a-home/515116/ Yes, you can buy a home but it will take a few steps to get there.&nbsp; The two critical ones are repairing your credit and saving the down payment, closing costs and an emergency fund.&nbsp; That means you can't buy today, but I hope you already realized that. <br/><br/>The <a href="http://www.zillow.com/wikipages/Buyer%27s-Roadmap/">Zillow buyer's roadmap</a> provides excellent step by step approach to getting ready.<br/><br/>The best way to get in big financial trouble is to try to buy before you are ready.&nbsp;&nbsp; Many professionals will give you assistance in getting there. <br/> Sun, 13 Oct 2013 16:05:00 GMT http://www.zillow.com/advice-thread/I-don%27t-have-a-down-payment-or-good-credit-Can-I-still-buy-a-home/515116/ 2013-10-13T16:05:00Z