Posted on: 07th Apr, 2009 02:17 pm
I currently am renting a 3 year old townhouse. I was just informed today that my landlady was let go from her job as is in a major financial bind. The house is worth 240,000 she has offered to let my family and I have it for 190,000 now me and my wife have less than perfect credit but she just wants us to get the mortgage in our names. She has stated she spoke with her mortgage lender and if possible will find us a no money loan so that we do not have to move and can obtain the house with out any out of pocket cost. Is this possible and how do ii do it?
Hi
I'm not sure how she is going to find you a no money loan in this market. If your credit is less than perfect, it will really be difficult to get a loan at an affordable rate. In this situation owner financing could have been an option. But given the fact that your landlady herself is in a financial crisis, that option does not look to be practically feasible at present.
I'm not sure how she is going to find you a no money loan in this market. If your credit is less than perfect, it will really be difficult to get a loan at an affordable rate. In this situation owner financing could have been an option. But given the fact that your landlady herself is in a financial crisis, that option does not look to be practically feasible at present.
I can't understand your question, can any one help me to understand this question ?
your comment about your credit being "less than perfect" describes about 99.9% of the population. what is important to know is precisely what your scores are (if you know) so we can provide you with credible advice. i'd think that your landlady is not going to be successful in lining up a "no money loan" inasmuch as she has her own issues financially.
if your credit scores are 620 or greater, you have a pretty reasonable shot at obtaining a loan - depending of course on income, etc.
if your credit scores are 620 or greater, you have a pretty reasonable shot at obtaining a loan - depending of course on income, etc.
it is really possible for you to get a no money loan if your credit score is more than 700.if you let us know what is the exact score of yours then surely it will be a great help to get the exact answer. :wink:
only with a state-specific bond program do these "no money" situations exist. there are several states that have no such program at this time. obtaining a loan (or a first plus second) that will allow for financing all of the cost of the home, the down payment and the closing costs is possible, but the location of the property is key in this. presumably, also, our poster is a first time homebuyer, as these programs that exist are strictly open to first timers only.
only with a state-specific bond program do these "no money" situations exist. there are several states that have no such program at this time. obtaining a loan (or a first plus second) that will allow for financing all of the cost of the home, the down payment and the closing costs is possible, but the location of the property is key in this. presumably, also, our poster is a first time homebuyer, as these programs that exist are strictly open to first timers only.
boy oh boy, i was busy when i thought i had logged in. yes, that was me.
boy oh boy, i was busy when i thought i had logged in. yes, that was me.