How can a person that has a felony buy a house?

Answer 1

Short answer: Can't do it! There are the prime and subprime lending markets. It is a fair bet that most all of the borrowers in the subprime lending market do not have any felony convictions. Everybody watching the news these last few months is probably weary of the news of the crash in the sup-prime lending market. Hugh lending institutions are going out of business after having bought into the concept of lending mortgage money to people who, for various reasons such as credit history, job stability, debt, education level, income level, did not qualify for borrowing money at the attractive interest rates offered to borrowers who qualify for the "prime" lending market. Another way of looking at sub-prime lending is to say that for various reasons sub-prime mortgage borrowers were not as credit worthy as prime lending market borrowers. This made rational the idea that they (lenders) could exact higher interest rates from people who were less creditworthy yet, who desired to borrow money to buy real estate. All this to say that convicted felons are much worse lending targets than the thousands of people who make up the sub-prime lending market. So in the lingo of old agrarian America: Convicted felons will have a "hard row to hoe" when it comes to borrowing money to buy homes. Chai Xiuchi, Dallas Texas