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Does anyone know a lender in the world where one can get a home loan with no money down, no collateral, no income but perfect credit?

This is the situation I m in. My grandfather had many rental properties, but he had to sell all of them in order to pay for my grandma and great grandma s medical bills. I d really like to start getting properties again, and I know I could do it, but only right now if I find a lender that could just depend on my credit. In all my credit life (10 years) I ve never had any late payment.

15 Answers

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  • 1 year ago

    No, those were subprime loans that went away about 2008. 

    most investor, non owner occupied loans will require a 20% down payment,

    For owner occupied you can get an FHA loan with 3.5% down plus about $5,000 in closing costs.

    Edit- Let me add this, some people who answered this, if you have a 20% down payment and a fico score of over 740 you should qualify, even if you have no income.

  • ?
    Lv 7
    1 year ago

    Not going to happen, especially to buy non-owner occupied rentals. All banks require at least 20% down for rental properties.

  • 1 year ago

    You can get a USDA loan with nothing down, the collateral is the home that you mortgage, & with great credit. But not without income. However, USDA doesn't do rental properties. All mortgage require income. There is a law called the "Ability to Pay".

    Source(s): Mortgage lender 33 years.
  • 1 year ago

    Not this world. Not this planet.

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  • Judy
    Lv 7
    1 year ago

    and how would you make the payments?

  • 1 year ago

    Not in this world. No one cares how good your credit is when you have no income and no money to put into the transaction.

  • Anonymous
    1 year ago

    If you have no income you cannot have perfect credit. Collateral on a home is the home and property, but there are administrative costs of repossess and resale. Without a guarantee of the loan or down payment, there is no incentive to offer a loan.

    Not having a late payment is NOT a perfect credit score.

    Further, rental property income is NOT counted fully as is not secure income.

    What you seek cannot exist, except to corrupt politician.

    With 20% down and closing costs with an income that would not normally qualify they could consider it, but the question asks about a purchase of a home to rent out with no down payment and no income at all. Did you even check your credit score, because you didn't list a number and where it comes from?

    You won't get a loan to start a home rental business without a clean guarantee that the lender gets back all of their money.

  • n2mama
    Lv 7
    1 year ago

    Why would anyone lend a significant amount of money to someone without a means of repayment? Without income, the chance of a loan is zero. If you have money in the bank, what do you need a loan for?

  • Anonymous
    1 year ago

    The bank of Lalaland  will finance you.

  • 1 year ago

    Lol nope

    Since the financial crash, no lender provides 100% mortgages irrelevant of how good your credit is

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