Many people have boxed themselves unwittingly into a tight corner through ignorance! Well, do not be shocked that I am referring to you if you belong in the class of people who have resigned to fate on their chances of ever buying a home on account of their ‘poor credit status.’ Yes, I am saying many people believe that buying a home is difficult and requires the establishment of some great credit standing before they may make that important move towards home ownership. That is absolutely untrue. The truth is that it is easier to buy than to rent a home and you can buy a home irrespective of your financial situation or credit rating.Many of the newest government programs will allow the person with absolutely no credit and no money to buy a home and if you have big credit problems, you are not hindered from buying a home either. You will only need to use creative financing techniques to become a home owner. Please be informed that owning a home does not take money, it does not take a good job and it does not take good credit. It simply takes the consistent utilization of proper creative financing and no-money-down techniques. You can obtain a home loan even with bad credit, late pays, collections or bankruptcy. This article will, however, be addressing the case of a person who may have little or no money but have some asset in this article and if you belong in this category and you think it will be hard for you to get a mortgage loan to buy a home, you are in for a pleasant surprise! In this regard, I will now give an illustration to let you see the possibilities you may have been ignorantly by-passing.Suppose you approached a lender today and said, “I just found this wonderful home for $150,000 and I want you to lend me $120,000 and I’m going to get a loan of $30,000 from my credit union to make up the balance.”, that lender would, most certainly, say, “no”. The general rule is that a lender will not allow you to borrow the down payment for the purchase of a property and if they find that you do, you can be sure that no matter how well off you are financially or credit-wise, your loan request will be turned down. It is as simple as that and their reasoning is not hard to understand – You cannot be a good enough credit risk for them to lend you $120,000 if you are not good enough at handling money to save the down payment.There is, however, an exception to this rule – If you are borrowing the money for the down payment against an asset that you already own, then, the lender will have no objection to it. This exception opens up many possibilities for the person with assets but little or no cash. Do you have a home with equity? Are you a car buff with a valuable classic? Do you have a house full of beautiful furniture? Or do you own a great stereo system? Whatever the asset, you can go down to your local finance company and take out a loan using that asset as collateral and then use the money as a down payment on that property you intend to buy. That settles it and you are a home owner!That is not all. Contrary to popular belief, you probably do not need to raise as much as you think. If you were buying the above mentioned property with a Federal Housing Authority loan, the lender would require a total investment on your part of only about 6% to 7% of the sales price – in many cases, even less-, or around $9,000, and that includes down payment and closing costs. Can you see what I mean?That is the gist! You must now stop wallowing in ignorance. Rise up now and go for that dream home of yours. It can be yours and it will be yours!
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