When it comes to getting a home loan there are many options that people do not consider and even if you have bad credit there is always a way.
You need to know that no doc home loans for bad credit are not easy to come by so you need to know what your other options are as well.
Here are some options to help you gain ownership of a home.
First, if you are thinking that you can easily get no doc home loans for bad credit, then you are sorely mistaken.
You usually have to have a 650 credit score to even have a chance at this type of loan.
However, if you have a 580 credit score and the home has a lot of equity in it or you have a decent down payment, then there are some companies that will work with you.
Second, an alternative to the no doc home loans for bad credit is to use a land contract for 3 years first.
This is a contract between you and the current owner of the home that basically states that you will pay them monthly and a percentage of that payment will come off the sale price that you agreed upon.
At the end of the 3 year contract you will have to pay the remaining amount in full.
This is called a balloon contract and what you do at this point is refinance the contract with a mortgage company.
This is a much easier way to go than to deal with an actual purchase loan and many owners that are willing to do a land contract are not going to be picky about verifying your credit or income.
They will, however, probably ask for references from places that you have paid rent.