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I have no credit an need to get house is it possible at all

  • February 13 2014 - Freeport Township
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Answers (3)

Go to clarkhoward.com
That site has some great info. The first step will probably be to get a secured credit card. Opt for the $500 one if you can get it. Then charge a couple of hundred...and pay it off in full asap....then keep repeating this cycle. Do it a couple of times a month if you can. This will help.

Good luck to you.
  • February 13 2014
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No score is a tough loan. Some lenders will do them with a good down payment. Good luck with your search
  • February 13 2014
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Hi there.  The good news is that it is possible to get a mortgage with no credit!  No credit really means you have no debt and that is a great thing!

I am assuming that when you say "no credit" you mean that you don't have a credit score, and no open accounts reporting on your credit report.  

We do loans for people in your situation by using non-traditional sources of credit that you have to show the bank that you are a responsible credit worthy borrower.  Here are a few of the most common pieces of credit most people have the don't report to their credit report

1. Your rental history - can you provide 12 months of cancelled rent checks or proof that you paid your rent on time?

2.  Utility Bills - these typically don't report to credit but can easily be obtained to show you have paid your bills on time.

3. Insurance (Auto or Renters) - do you have either of these?  Do you pay this on time?  

Many lenders can use these forms of credit to qualify you for a loan.  Good luck and if you have more questions please don't hesitate to email me.

  
  • February 13 2014
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