Buying Real Estate With Bad Credit Or No Money Down


It was easier to purchase real estate with bad credit or no money down years ago and that's not to say you still cannot accomplish this, it just takes a bit more strategizing. You've got a few options to work with; seller financing, hard money loans and the new creative financing.

There are many home sellers who either own their home out right or have lots of equity in their home. You may only find 25 percent that own their property outright and are willing to provide 100 percent financing but this is certainly possible and has happened. If an owner provides you financing to purchase their home you would write up a contract and pay them a monthly note just like you would a conventional bank.

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Seller financing is done when you make your purchase offer. You would have to place a contingency in the contract that the sale is subject to the owner providing 100 percent financing. You must include the interest rate, the terms and any points to be paid down and don't forget the deal would be contingent upon the seller agreeing to this deal. If the terms, of course meaning price is advantageous to the seller they will seriously consider the offer.

The popular way of buying real estate with no money down is by obtaining a loan with your assets. These are referred to as secured loans. You can use stocks, bonds, vehicles or any type of valuable asset. The value is used as your down payment. If you already own property you can also refinance it and use the credit to purchase another property.

Buying real estate with bad credit can also be accomplished by using hard money lenders. The interest rates on these loans are very high and come with steep guidelines and penalties but it gives you a chance to get into a home, clean up your credit and find a conventional lender to refinance your loan at a more reasonable interest rate.

Hard money lenders take into consideration the value of the property including all the market indicators before approving the loan. Then they look at your credit. They do approve bad credit loans.

The most important factor for them is the worth of the property. If it's advantageous to the lender and they would be able to sell the property at value if you defaulted on the loan, they will be happy to loan you the money.

Buying real estate with bad credit or no money down is still a possibility; you just have to be a bit creative and look at the bigger picture.


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