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Answers (8)
- NTETS, "Mr Caveat"
- Contributions:6436
take the time while you are WAITING OUT THE WORST POSSIBLE RE MARKET IN A CENTURY ehem to aquire a credit card, finance something from a seller who offers financing and sign up for a cell phone. you will have a credit score in no time and after 2 years you will have some extra cash to buy the same home in the 20-30k range^_)^
- Auria Roman, "MNS.net.aroman"
- Contributions:87
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- Nathan Wolf, "natewolf"
- Contributions:1825
You should find a local Savings and Loan. They make more local small loans like these. YES, you can probably qualify. Even with no credit score. They will want to show on-time payments such as for your current rent, your light bill, your phone or cell bill, and any other bills you pay. This shows you will also pay them on time. There is also down-payment assistance.
There are also housing programs in certain cities. Call your city hall or local Realtor Board (you can get the number from 411), or post your address/location and I can find a number for you. These organizations often have local low-income financing programs. A local program in my city pays the down payment and self-finances properties such as these. If you make your payments on-time for a period of time, and don't sell the home within the perior, then the down payment money is completely a gift-- meaning FREE to the homeowner.
- Clay Branch, "Georgia Loans"
- Contributions:7836
USDA LOAN CENTER, you must have espn. How do you know the house he/she is looking at is in an area approved for a USDA loan? On the other hand, pjs1987, FHA has the alternative credit option available anywhere.
- USDA LOAN CENTER, "USDALOANCENTER"
- Contributions:1
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- Michinaga
- Contributions:143
Does your own savings bank offer mortgages? If you've got a long history with that bank, they should be able to help you get started. When I first started looking into loans, I thought I had no credit history, but in fact the credit line that my bank had offered me (which I never used) had been counting towards my positive credit history!
Auto insurance at 18% of your monthly take-home pay is insane! Any way you could drive a safer car, or change insurers?
Auto insurance at 18% of your monthly take-home pay is insane! Any way you could drive a safer car, or change insurers?
- Patrick Keefauver, "VanKeef"
- Contributions:24
Good Response. You will need alternative credit to qualify. Make sure you do not have a credit score at all since that will work against you if it is too low. FHA, VA and USDA programs will allow for the alternate credit option.
If you have no credit history, then you casn use what is known as alternative credit. Alternative credit constitutes those accounts where you pay monthly on a regular basis. Car insurance is one eaxample. Other accounts include utiliries (electric, gas, water), phone and cell phone bills, rent,and so on. As long as you have at least 4 accounts whre you pay on time on a monthly basis, you will be considered for a mortgage.
I am looking to buy my first home but I have no credit history. Can I be considered for a loan?
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