Saturday, January 22, 2005
How to Get 100% Financing - Zero Down Mortgage Loans (Even With Bad Credit)
I decided to write this article today after closing a home purchase loan for a couple that had some major credit issues.
They got into the house with ZERO down payment, and only had to bring $600 for the closing costs.
Their situation was pretty bad; I'm talking about a bankruptcy 2 years ago, thousands of dollars in outstanding collections, charge-offs and debt to income ratio of 49%. By the way, we left all of their outstanding charge-offs and collections open which means they didn't have to pay any of them off! So many think they won't be able to qualify for a mortgage loan.
Many will keep thinking they can't qualify until they read this article.
More...
They got into the house with ZERO down payment, and only had to bring $600 for the closing costs.
Their situation was pretty bad; I'm talking about a bankruptcy 2 years ago, thousands of dollars in outstanding collections, charge-offs and debt to income ratio of 49%. By the way, we left all of their outstanding charge-offs and collections open which means they didn't have to pay any of them off! So many think they won't be able to qualify for a mortgage loan.
Many will keep thinking they can't qualify until they read this article.
More...