Customer Reviews

No Credit Required (Revised Edition): How to Buy a House When You Don't Qualify for a Mortgage

5 star:		(4)
4 star:		(3)
3 star:		(0)
2 star:		(0)
1 star:		(0)

 

 

Having read numerous books with similar titles, I now know that I could have stopped reading after 'No Credit Required'. It covers all the bases, and it leaves out the 'motivational filler' that you need to flip through in the other books. I was surprised that the book costing 1/3 the price of the other titles turned out to be the most informative! While you may glean an additional speck of knowledge or two from similar books, "No Credit Required' is definitely the place to start for first-time homebuyers.

For the price, it's worth picking up. There was some pretty helpful information, particularly the 30/70 rule and some ideas on getting seller financing.

The most disappointing part to me was getting excited about the no-qualifying, assumable loans discussed in the first few chapters. The more I read, the more I realized that this was relevant in 1993 (when the book was published). Today, at least in the Chicago suburbs, there are few to zero homes on the market that meet these conditions.

That part aside, I learned some pretty useful things that will help me as I move towards buying a home with damaged credit. But it's not a miracle cure or a guaranteed thing.

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.

Before reading this book, I knew nothing about buying a house, especially without qualifying for a mortgage. But this book showed me the way, it can do the same for you!

I'm one of the two authors of NO CREDIT REQUIRED. It's important to let you know that the new edition, revised, 2004, has about 40 per cent new material and this first edition, mass market paperback 1993, is outdated. A lot of things changed in real estate since 1993. That's why the publisher brought out our new revision! Thanks for all your support, the book has had great success and helped many people. Ray Mungo

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.

Simple, straight forward. Get's to the point. Not a lot of fluff, just the important stuff that you need to be able to actually put this stuff to work. I've seen similar info in the real estate genre offered in different formats and for MUCH more money that this little book. It doesn't explain every little detail and nuance of doing this things or walk you through the step-by-step details but ...it doesn't pro-port to. It introduces you to a lot of different options and possibilities that most people have no clue about.

Now I will say that I have the 1993 edition so keep that in mind. If anything I'm certain that the new one is even better. My 4 star review would probably be a 5 with the updated version ...which I DO intend to get by the way (once I actually have time to read it since I do have a LOT on my reading list already).