4 years ago
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It?s zero down, no fees, and no closing costs. And what about bad credit? Well, that's not a problem.
"You can buy a home for no money down. You can buy a home with bad credit. It's amazing what you can do,? says Robyn Johnson with American Home Mortgage.
However, what you can do may make your credit even worse than before you made the purchase.
Since May 1, Crye-Leike Realtors has seen more than 70 homes in Central Arkansas foreclosed. That's a family almost every day that is evicted.
"We are getting a lot of homes just like in the last two days. We've gotten seven homes that are over 400,000," says Danny Holt with Crye-Leike Realtors.
Buying a home is the American dream, but Holt says for some people that dream may not happen, at least not right now.
"I think it is not something that needs to be alarming about our Central Arkansas economy, I think it's nationwide,? says Holt.
However, Robyn Johnson with American Home Mortgage says there's more than a bad economy to blame.
Over the past 10 years, millions of Americans with low incomes or bad credit have purchased homes. Many of those, however, find themselves unable to make payments.
"Talk to your banking partners, your mortgage partners,? says Johnson. ?If you could restructure that mortgage immediately, then that's what you would need to do before it would get into two or three months behind.?
In addition, another way to make sure you stay inside your house while enjoying the outside view is to talk with a financial advisor about homes that fit your budget.
In 2005, Arkansas ranked 19th in the nation with the highest number of foreclosures.
