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What are my options for buying a 2nd home/investment property with no down payment and marginal credit score? |
My current job is transferring me to my hometown and I need to buy a house there as soon as possible. I can't sell my current home so I'm just renting it out to cover my payments on it. My job is very stable as I work for the government and have been employed there for over 10 years. My problem is my credit score has taken a beating lately and I can't come up with a down payment unless I sell my current house, which is not an option and which is already leased anyways. My first inclination is 100% financing, but I'm not sure I would qualify because of my credit score. What are some other options for a no downpayment mortgage considering that I have a stable job and a current mortgage, but a marginal credit score in ballpark of 5-600 or less? I'm also over the age of 50 and was wondering if that helps or hurts my chances in any way. Also, renting in my hometown is WAY more expensive than a monthly mortgage payment, so that's not an option. 100% ffinancing with lenders is no longer available with the new lending practices, however, there are some creative ways to finance with no $ (or very little) out of pocket. |
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