No Credit Required (Revised Edition): How to Buy a House When You Don’t Qualify for a Mortgage
Even those who can’t get a conventional bank mortgage can stop throwing money away on rent and buy a house. With absolutely no credit, the authors bought a Vermont hideaway now worth hundreds of thousands and a California luxury condo with ocean views that tripled in value in six years. Readers will discover, step-by-step, the no-credit way to do it:
€ No credit-check assumable mortgages
€ Easy “Owner Will Carry” seller financing
€ “Lease With Option,” the way to buy with no money down
€ The 30/70 rule that lands a bank no-credit mortgage
€ Five exciting, unconventional, yet totally legal routes to no-credit home ownership
€ “Property in trouble” deals
€ A buyer’s guide to pitfalls
Customer Review: Helpful and Useful
I purchased this book today and finished it today. I could not put it down. It has alot of useful information in it on different options on buying a home without using credit. The authors speak in terms that anyone could understand if not there is a glossary in the back of the book. They use many different examples to go along with each option. This book gave me courage and makes me feel like I have a chance purchasing a home. But to be honest I am not sure how well the advice will work in my over-priced area. There does not seem to be too many listings for the options they give in the book. After all though I am optimistic cause it is a buyers market right now. Overall I would recommend you read this book, it could prove to be useful.
Customer Review: This is the REVISED edition – An Excellent Book with Many Ideas
Before I start my review – please note that some of the other reviews below pertain to the first version of this book from the early 90’s. The book I’m reviewing – and the book that Amazon has pictured here for purchase is the REVISED 2004 Edition of the book. Before my purchase, I was confused by the reviews below – and confused about the author’s message below – but I bought it anyway and I can assure you that the book being sold here is the REVISED Edition. I thought I would point this out.
This book arrived only 2 days ago. I spent the whole first night reading through most of it – and skimming some chapters. It’s a quick and easy read – but it jam packed with useful tips and ideas.
Before I found this book, I had read a couple other books on this subject which only whet my appetite but didn’t get into enough detail to be practical.
Authors Mungo and Yamaguchi do an excellent job of explaining various options for buying without credit. There are many angles of approach – from assumable (yes they still exist), seller financed, leasing with option to buy, and other things I hadn’t heard of before – but was glad to learn about. The authors also tell you things not to do to keep you out of trouble. They give you sample letters and forms so you have an idea of what you might propose to a seller. They explain where to get more indepth forms and documents if you need them. They help you understand how much you can afford to pay for a home, so you don’t bite off more than you can chew. They advise playing it safe and explain when you will want to have an attorney or escrow service or house inspector involved to save you heartache and legal trouble down the road. Amazingly well written. Very detailed. The authors explain not only where to find these opportunities (some of which surprised me a great deal but seem obvious now that I know), and how you might be able to persuade certain sellers in the right circumstances (especially when the seller sees how much they stand to gain by working with you – and how committed to succeeding we as buyers are when we have invested our money in a property).
Over all, this was a very down to earth, ethical look at how to buy a house when you really can’t get a mortgage. There is no hype or lies attached to this book. It is all straight from the hip and not sugar coated. They don’t pretend that you’re going to find these deals jumping out at you from every angle – but they tell you how to find sensible houses in reasonable areas without losing your shirt. They tell you how to find what other folks don’t know how to look for. Kudos to the authors! I hope you keep writing books like this. I finally see how I’m going to have a house of my own in the not to distant future! And when I do it, I hope to find a house to fix up and sell as a seller financed deal as income for myself.