Are you stuck in a financial rut where every potential solution seems to be of no use? Well, then you’re not alone because hundreds and thousands of people around the world are stuck with a bad credit rating that is not allowing them to follow their life dreams. If banks are turning you down and you desperately want to buy a new home, then there might be a way to get a home loan with bad credit that doesn’t require any down payment.
There are two tried and tested ways you can approach this situation that will practically make getting a home loan easier than you had ever expected. Read on to find more.
-
Use investment portfolio
Having a well-reputed investment portfolio can go a long way to serve as collateral for a home loan. Even if you have bad credit and no ability for down payment, you can hand over your investments to a bank and show them that you have the capacity to pay off your debts at a later time. But beware, this can only work when you have an investment portfolio that is well established and devoid of any negative implications.
-
Utilize a co-signer
If you have a friend or relative having enough credit, already owns their home, and willing to vouch for your security, then you can get them to act as a co-signer. However, for relationships sake, you must be dedicated to the cause of paying back their debts or else it may create an environment of distrust and misunderstanding. It is important to understand that just because there are co-signer doesn’t mean they are a co-owner of your home; just that they vouched on your behalf and willing to share a part of the responsibility that comes with you not being able to make the payments on time.
-
Conclusion
These are two of the easiest ways to obtain home loan bad credit no down payment as the other methods of getting a loan having a bad credit might involve a lot of legal hassles. Making things worse is the fact that you can’t do a down payment and is dependent upon either your past reputation or someone else’s word.
All you need to do is bring your A game forward by having an impressive investment portfolio and someone to vouch for you as a co-signer. Take care of these two aspects; you’ll be getting loans in no time.
