How do I get a home loan for a single mom with poor credit and no money down?

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Single mom. 3 children. Low Income. Poor credit. Currently pay rent on house I want to buy. No money to put down. Want to pay lower mortgage payment instead of rent. Need 105% financing to cover closing costs.
I want to actually buy the house I am currently living in. I live in a Rural area.

My mom refinanced her house 8 years ago and my brother talked her into putting the loan in his name. My brother is now estranged from the family and my mom wants to have me quitclaim the house from her. The deed is in her name solely but the mortgage is in my brothers name. He doesn’t live there and he has never made a single payment. My mom and I make the payments.
Thanks In Advance!

  1. Reply
    Aunt Weway
    April 29, 2011 at 9:13 pm

    Check your state resources if that doesn’t work look for a federal grant

  2. Reply
    April 29, 2011 at 10:01 pm

    you can get a HUD or FHA home through your housing authority and in many cases your situation may put your name on the top of the list. Just fill out an application from your city or town’s housing authority and thay will put you on the list for a home. They will send you out to look at the homes that they have listed and when you find one’ tell them and you can get it with no money down because they are paid by the government, and your mortage will probably be as little as 300.00-475.00 or less a month. There are a lot of HUD and FHA homes out there. You may have to pay 20.00-25.00 for the application because there are so many homes available and you will be guaranteed one of them. Also, there is a listing for HUD homes in the newspaper

  3. Reply
    April 29, 2011 at 10:44 pm

    Just because you have “bad credit” does not neces.. mean that you are not qualified for a home…there are many home loans that are just for this particular thing. Also, there are homes that are available for those with a lesser income…the mortgage amount is normally based on your income and the government helps with the costs etc. Also, with closing costs, you can get your seller to pay all closing costs(normally) if you are willing to pay the price that they are asking for the home(or even if you are willing to pay close to the asking price). Everything in buying a home is all about negotiations…you can negotiate much more into a deal than you think! Go to some banks and get information on what loans are available, then start looking at homes that are withing your price range and then go from there! The best thing that you can do before you even go to see homes is to get a “pre-qualification” letter from a bank…the process involves them looking into your credit history, your current income level, and all your debt to see how much of a home you can afford…this is the best thing to do before you go to see homes! Good luck!

  4. Reply
    April 29, 2011 at 10:49 pm

    If this is the first house you have bought, you will qualify for 100 % financing.

  5. Reply
    April 29, 2011 at 11:35 pm

    Lean towards mortage brokers versus banks. Most brokers have connections to several lenders so they will be your better shot of finding a solution for you needs.

  6. Reply
    Tony H
    April 30, 2011 at 12:21 am

    Since it in your brothers name, he will have to be there, and sign it over to you and your mother.

  7. Reply
    April 30, 2011 at 1:09 am


    If possible, you should go for a mutual consent and get it cleared. Otherwise, you should explore some legal options. But, you should prove that your mom has paid the dues so far. The webguide on mortgage has highly useful info. You can get all your doubts clarified from the site. Check it out. Good luck!

  8. Reply
    April 30, 2011 at 1:39 am

    Listen to the people on here telling you to get a lawyer – fast! One cautionary thing about “quitclaims”. My daughter quitclaimed my son’s house (with his consent). After about two years, alot of my son’s debts surfaced through a collection agency and liens were put onto the house (which my daughter then owned). They eventually had to sell the house to settle everything. I’d steer away from quitclaims if you can. But more importantly, get a lawyer and take his advice.

  9. Reply
    April 30, 2011 at 2:02 am

    If the title is in your mothers name, he cannot claim the house. The title is what shows ownership. He may stake a claim that the mortgage was in his name for 8 years, claim that he had been responsible for the payments….need to document where the payments came from through deposits and checks written to pay the mortgage. I don’t think that the brother needs to be there as there will be nothing for him to sign at settlement. A check will be issued to pay off the current mortgage and he will no longer be attached in any way.

  10. Reply
    April 30, 2011 at 2:30 am

    If your brother is on the loan, he was quitclaimed on at that time. She will have to refinance again and have him quitclaimed off. Unfortunately, he will have to be a willing participant. Otherwise, get a lawyer.

  11. Reply
    April 30, 2011 at 2:50 am

    There is some good and bad advice here.

    You really need to talk to an attorney about the safest way to go about separating the property from your brother. Everyone likes the quitclaim deed because it is quick and painless, but its effectiveness to quiet a claim against a property can vary. RE attorneys deal with these situations all the time, it will be money well spent to get legal advice on the best way to handle this.

  12. Reply
    frankie b
    April 30, 2011 at 2:58 am

    Sounds like a family feud is brewing, good luck. The above answers are all good, so no need to repeat.

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