How to Buy a Home With No or Poor Credit

Product Details

Own your own home-regardless of your credit rating.

You can be a homeowner--even if your credit is nothing to brag about or virtually non-existent. This practical, fact-filled guide shows how to achieve your goal of home ownership with your current credit. Mortgage loan officer Thomas K. Masters teaches you the basics of home buying, from alternative mortgage programs to financing tips that will help you avoid the red tape of many home loans. Clear, concise, and free of technical jargon, this accessible, straightforward reference is filled with real-life examples. Here's where you can find essential information on:

• "Qualifying ratios" set by the federal lending authorities.
• Assumable financing, wraparound financing, quitclaim deeds with refinance options, lease options, and quick qualifying loans.
• What to look for in a lender.
• Ways to qualify for low-down and no-down payment home loans.
• Understanding loan applications and forms.
• How to clean up your credit profile.

Biographical Note

THOMAS K. MASTERS is acting Senior Loan Officer with The Mortgage Center. He writes about purchasing and financing real estate for the Gannett publication Desert Sun-USA Today. Mr. Masters lives in Palm Springs, California.

Table of Contents

• Federal Housing Administration Assumption: Nonqualifying Loans.
• Veterans Administration Assumptions.
• Owner or Seller Financing.
• Equity Sharing: Buying without Applying for a Loan.
• Reverse Mortgage: Income Through Home Equity.
• The "Short Sale" and "Preforceclosure Sale." Hard Money Loans and Quick Qualifier Loans.
• The Ultimate Fixer-Upper Loan.
• The Mortgage Banker's Role.
• Qualification Guidelines for a Home Loan.
• Understanding the Loan Application and Forms.
• Obtaining the Lowest Interest Rate.
• Creating Finance--Cleaning Up the Mess.
• Cleaning Up Credit in Writing.
• Form Letters and Procedures.
• Glossary.
• Reference Guide to Credit-Reporting Agencies and Bureaus.
• Index.