Delinquent borrowers get second chance at home ownership

New book explains how to buy a home with bad credit

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Even if you can't get a major credit card, you can own a home. That is the theme of the new edition of "No Credit Required; How to Buy a House When You Don't Qualify for a Mortgage," by Ray Mungo and Robert H. Yamaguchi. Since 1968, co-author and self-employed writer Mungo has purchased seven houses without credit. "Our aim is to show that anyone, regardless of credit history, can own a home in the United States," the book promises. The book then proceeds to deliver, offering many alternatives to fit the needs of many diverse situations. Purchase Bob Bruss reports online. "No credit, no job, no problem" is the heading of one of the introductory sections. Perhaps that is a bit of a stretch, but Mungo and Yamaguchi then proceed to show how home buyers should look at their current situation to determine which no-credit home purchase method is best for them. If you have cash for a substantial down payment, the authors show how that will greatly help overcome credit problems. Several ...