How do poeple with bad credit buy homes?

I've been seeing these infomercials about people with bad to no credit buying home. How the heck are they doing this? Is it all a scam?How do poeple with bad credit buy homes?
It's going to get a lot harder to do this with companies like Countrywide in financial trouble. But it is possible for someone a couple of years out of a Bankruptcy to qualify for a mortgage. Why? Because presumably they don't have a lot of debt. Other ways might include a contract for deed, lease to own or owner financed mortgages where it only really matters that you can make the monthly payment.How do poeple with bad credit buy homes?
Rico, it may sound like a scam but actually it is not. If a person suffers from bad credit he/she needs to check for good options available. Look around for subprime bad credit lenders for your Bad Credit Refinance Mortgage. Also there are mortgage companies helping people with bad credit. Citibank, Bank of America, Wells Fargo and Wachovi are top 10 mortgage companies, listed in Forbes.





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It depends on how bad your credit is. If your FICO middle score is below 580 , if you were applying for an FHA loan, there would be a 3 point charge for poor credit.If your credit scores are below 520, you will find financing prohibitivley expensive, if you get it offered to you at all. ( You would most likely have to have a substantial down payment, or a very good reason for the poor credit. Medical issues, illness, job loss etc) Outside of that, if you can convinvince the seller of the home to hold the mortgage, say for three years, while you re-establish credit, you are in. Mike
they get burned on the interest. A home loan is easy to get. it's the good terms that are hard.
No, people are just stupid my friend, we're not though, I have seen the same stuff on TV myself.