Q&A: How can you get a home loan with really poor credit?

by Jewish Historical Society of the Upper Midwest

Question by lil_shortiesunshine: How can you get a home loan with really poor credit?
My husband, myself and our kidding, are living with his parents, for the past six months. We both have very poor credit and are in desparate need of our own place. We now can afford our own place but cannot get a loan to purchase one. We have down payment in hand, and the monthly income to afford everything, but we are still without a home! Can someone please help with an idea of how to get a $ 6500.00 loan?There is no other proerty or anything to be used for a mortgage! We are trying to purchase a very nice 3BR,2BA, mobile home. We have nothing other than the down payment to put on it, and can afford the monthly payments, and the insurance, along with everything else.

Best answer:

Answer by dinaroseplunkett
My friends, a very young couple, were in the same situation. What they did is something called a no-doc bond. They don’t ask where you got money, your history, your credit, etc. and you don’t tell. I am not sure how to unearth one but do know it exists b/c they have a very nice three bedroom in New Jersey.

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