6 Comments

1. DebtGator says:
   May 3, 2010 at 5:48 am

   Nope.
2. happy2b_white says:
   May 3, 2010 at 6:27 am

   There was up until a couple of years ago. Now all of those loans have a new name, they’re called foreclosures.
3. Half-Way There! says:
   May 3, 2010 at 6:45 am

   Not any more. Sub-prime mortgages offered freely by often deceptive lenders is one reason so many people are now facing foreclosure.
4. Paul S says:
   May 3, 2010 at 7:44 am

   No there’s not, and you wouldn’t want it anyway. You’d be much better of renting until you can improve your credit and save money. Otherwise you would be paying a high interest rate and have a large monthly payment.
5. Brandon says:
   May 3, 2010 at 7:53 am

   The cheapest you can buy a house right now is 3.5% down with a FHA Mortgage. That is if you can get the Owner to pay 6% toward closing cost. Bank of America, and Ditech will be glad to help you.

   Do not believe anyone that says they can get you a 100% mortgage. It is not possible through any government loan program. You would need to find some type of owner financing, and usually they want more that 3.5% down. So that’s not really an option.

   There are two slim possibilities though…

   1.) Your state might offer some kind of down payment assistance that can be used as that 3.5%. But, usually these are for disadvantaged people. They are also vary rare.

   2.) Borrow the down payment from someone and pay it back when you get your $8,000 tax credit. The $8,000 tax credit is a direct credit. So if you don’t owe in any taxes, then you will get a rebate check for $8,000. If you owe taxes they will take it and its not an option. But it is something to think about.
6. MadMan says:
   May 3, 2010 at 8:07 am

   No. This is the kind of mortgage that cause the market to collapse.