Profile picture for user933317

Help finding appropriate home loan

My boyfriend and I plan to purchase a home together in the near future. I have done a lot of research, but I don't seem to be getting any straight forward answers to my questions. We are both securely employed, myself at a prestigous private school in the area that I plan to continue my career with and he is a landscaper with room for occupational growth as well. Together we have saved just under 20,000$ together for a down payment and want to purchase a small home around 80,000-120,000$ roughly. We do not have any bills of our own, have a joint income of at least 2000 a month, and have no credit history. How do I go about getting an appropriate home loan for our situation? 
  • November 15 2012 - San Leandro
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Answers (3)

Profile picture for joechou
You may also consider the option of bringing in a co-signer with more credit history that is acceptable to your preferred lender.
  • November 26 2012
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Some lenders are willing to use alternative lines of credit (like cell phones and utilities which are in your name). Until you speak to a mortgage professional or two, you won't know. The fact that you can pay down 20% is very beneficial. 

If you can't find one willing to do that you can certainly build credit, but it will likely take a year. Some of the easiest ways are to get a couple of secured credit cards and possible put some money in a CD and then borrow against it. 

If you are paying back a student loan of any kind, you may have enough credit history. Sometimes you have more history than you realize. 
  • November 15 2012
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Profile picture for wetdawgs
The killer is no credit history.   Lenders want to see a history of responsible use of credit.   Therefore, you need to take a systematic approach to build this up.   
  • November 15 2012
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