So my family and I are EAGER to move out of our tiny one bedroom apartment because of our a**hole neighbors it’s become a hostile environment. I was on Zillow looking for places to rent then i decided to look for places to BUY. I saw many houses up for auction my question is how can I get a house even though I have no credit and only have $2,000 to spend on a down payment? Would a house up for auction go for less than $150,000 in LA? How can I finance? How can I pay for this house with the least interest since I can’t put that much money down
When trying to get a mortgage, you will be underwritten based off of the 'Three C's' principle: Capacity, Credit, and Collateral. No collateral (cash) and no credit are two strikes, and as for collateral, I am not sure what you do for a living, but you have to have the means to repay the loan and have a good debt-to-income ratio.
You should focus on increasing your credit scores and cash reserves. There is no easy way to accumulate capital, but fixing your credit should be your immediate focus as you can have more control over that in a short amount of time.
Down payment assistance programs can help solve some or most of the money issue, but you'll still need good credit and have a way of showing you can repay a loan.
Don't take this the wrong way but IMO you should not be looking to buy a house right now. What are you going to do if your A/C goes out, or some other unexpected expense is thrown your way? I would want way more reserves and solid credit before even considering buying a house.