Quote:
Originally Posted by A264172
Would an FHA backed 1st time home owner loan be a way to skirt the bad credit issue to a degree? (and avoid a large down payment)
|
Yeah there terms can be pretty liberal. You don't need a down payment, you don't need any money at all really. People think you need money to buy RE bah, thats a crock of crap. You do need money, just not yours.
If you are a Vet you can get a VA guaranteed loan up to $250k no sweat.
If you have good credit you don't need to get creative to get around the down payment, and no one pays PMI anymore either. 80/20's or 5/15/80's are very common.
It really depends on how bad his credit is, there are also a million ways to fix poor credit really fast. I know guys who make good money at this. They buy cheap distressed homes, and sell them to people with no credit. But before that they lease the homes to them for a few months, bump there credit up 100-200 points then the people can get a loan. The investor makes a nice profit in the end, and the people get a home everyone wins.
But I'm not expert on this, however I do come across some super creative ways to finance things.