Profile picture for Sierra B

Can I get a mortgage loan with little to no credit history?

  • October 31 2012 - Detroit
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Answers (7)

Profile picture for andyridder76
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  • August 29 2014
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  • November 01 2012
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Have you pulled your credit report to see what is there? You can do so at Annual Credit Report. Ask around for a recommendation from friends and family for a trusted lender. If you are working with an agent, or know any, ask them for a lender recommendation. Once you have spoken to a mortgage professional you will know better where you actually stand.

If you find that you will have to build credit first, you can find excellent advice at MyFico.   

Getting a mortgage is more than just your credit scores. If you have been on your job a long time, if your debt to income ratio is good, if your rental history is good....all of these items are factors in whether or not you can get a mortgage. And the only way to truly know where you stand is to have a good lender look at your file. Good luck!
  • October 31 2012
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If you can show enough income, and assets that you can make your mortgage payments, you may get it. I have international clients bought their properties by financing.  

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  • October 31 2012
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Profile picture for QuinnMyers
You are not in an easy situation, but that does not mean it would be impossible.  No matter what many tell you, there is still a relationship aspect to lending.  I always recommend to my clients that your Relationship with your Bank or future lender is important.  You want to build this relationship to be strong before you ever crawl to their desk asking for a loan.

Start early, build a foundation of trust and relationship.  Then when the time comes to buy a house, the scales will already be weighing in your favor.
  • October 31 2012
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Profile picture for wreynol4
As Kathy kindly said, yes it maybe possible but it would be very hard especially in today's banking environment.  Banks are so meticulous right now with the loans there are giving out, even though real estate is picking up, it is very slow and they want to make sure they are giving only people with good/great credit/income/etc loans, we don't want a repeat of 2008!  Good luck with your home buying process, I hope you find what you are looking for!
  • October 31 2012
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It may be possible.  Work with a local lender; they may ask you to establish credit by using your local bank.  You can apply for a bank issued credit card that has a small limit (usually $500).  Use it carefully and never charge close to the limit of the card.  Pay the balance off each month before the due date.  It will help improve your credit score.  Also, if you have utilities, cell phone bill, etc. your lender can look at those as a credit history.  First and foremost though, have your credit report run by a reputable mortgage lender that is local in your area.
  • October 31 2012
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