Buying A Home With Bad Credit and No Cash Down? (Carleton Sheets)

[T]

Anyone know anything about this?? I saw an infomercial the other night and
then looked up some info on the net. From what I found, buying a home with
bad
credit and no cash down IS possible. Anyone know how???

[DSM]

in Canada - good luck

[Sauriol, Nicholas [SKPK:5K24:EXCH]]

Dude, sounds like you might need to save some of your money, even if someone
does give you credit, they'll want a ridiculous rate (28.99 or something), and
as usual, they'll get richer, and you'll be poorer :). And not putting a
downpayment on a home? I don't think so, I've been saving to buy a home, from
everything I've read, even if you want to put 0 down, you'd have to pay mrtgage
insurance, which is something like 4% of the cost of the home, so you may as
well save that and put it down (I think you have to have 25% of the houses value
as a down to not have to pay the insurance...)

Just my2cents

(my opinion not my employers....)

[LEN]

i think that was Scotia Bank ???
"T" <t...@MailAndNews.com> wrote in message news:3AD4...@MailAndNews.com...

[Siobhan Bouzane]

Try talking to a Mortgage Broker. They know all the ins and outs of lending
and may be able to get you started towards better credit. or get you a loan
or mortgage at a reasonable rate.
good luck.

"T" <t...@MailAndNews.com> wrote in message news:3AD4...@MailAndNews.com...

[Michel de Breyne]

Most banks / mortgage broker now offer purchasing with no money down
however you need impecable credit history.

As far as the Carleton Sheets program, I'm no expert but I believe many
of the techniques discussed aren't options and some are illegal in Canada
(I think one of the techniques is to have the seller refund part of the
purchase price upon completion (hence no money down or even cash back)
however this can be considered fraud in Canada since you are telling the
bank that you are purchasing the property for more than you actually are).

Just my 2cents,

t...@MailAndNews.com (T) wrote in <3AD4...@MailAndNews.com>:

[DSM]

along that line - a seller might be selling his/her property for x amount of
dollars. some of these programs (mostly American) suggest that one would
offer say, an extra $25,000 on the purchase price, however never really
forking over the extra cash. it just looks like they put down 25k. I know
this is illegal here in Canada.

[Angy]

Builders often have these types of deals. they want to sell their houses so
they make a "no payment down" deal - or a very small amount down.

Generally, they are uping the price of the house and paying a bank to
finance you. So, they pay the bank 25,000 on your behalf, you pay them
2000.00 and buy a house at a higher price - but this is one way of getting
your house and building your credit at the same time.

You see this in Aylmer alot...

Good luck!

"DSM" <met...@home.com> wrote in message news:3ACB1875...@home.com...

[Glen Forgie]

Let me know what the outcome is. I have heard that this has been done
in Aylmer.