Profile picture for AriDebo

I have zero credit, am on disability and have a large amount for downpayment. How does one in my pos

I have a substantial savings for a downpayment. Yet, I have zero credit and am on disability. Will I have to rent for the rest of my life and never have a home?
  • September 12 2010 - Montpelier
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Answers (3)

Profile picture for the_country_hick
You can get a secured loan from a bank. That basically means you pay them money to borrow your own money while you can not use it. You can do this in any amount you wish for any time frame. The bank can even set things up so you never make a payment. This can be done with automatic withdrawal and payments. You just find out the loan is paid off, you paid money for interest and you now have a credit score. Ask any bank or credit union for more information. This will likely take about a year. That is ok as prices should keep dropping for at least a year.
  • September 12 2010
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Profile picture for Dunes....
I would suggest you view these sites as I believe you may find information that may assist you....Disability.gov Link

Hud..Link

Fed Gov. Homes for Sale and available Programs..Link

Current Fed Gov Loan Progrms...Fed Site..Link

Good Luck
  • September 12 2010
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No - absolutely you do not have to rent forever!!
But .. what I would need to know is...
When you say you have zero credit ... do you mean you have no credit accounts on your credit report? or do you mean your credit score is low?

Assuming you have never had any credit and your credit report does not have any accounts that report ...
If you have savings in a bank I would go in and talk to them about giving you a credit card. 
OR
you may consider getting some SECURED CREDIT CARDS to start your credit. 
truly you should have 3 open credit lines to get mortgage's best. Even if all 3 are secured.
It may take time to build credit but not forever.
Start now! 
Keep your balances low (14% of the limit) AND treat them like gold by paying on time.  Use the card immediately so it will start reporting and continue to use it very minimally.

ALSO there are other factors ... just so I represent this correctly.
It will matter how much income you have - if you have disability income that is fine - but the amount will matter.

You'll be on your way soon if you get it going now --
Good luck to you!
Sincerely,
Celia
  • September 12 2010
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