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Is it possible to get a home loan with no credit without a cosigner?

I have been at my job for 5 years. 25 years old with no credit history. I do not really want to open up unnecessary credit cards or personal loans to build credit.  I have been renting for the past 5 years however my landlord does not report to the credit agencies. I really want to be a home owner now.   
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November 12 2012 - Logan-Fern Rock
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Answers (8)

I helped a buyer buy a condo . She had no credit cards. The lender used alternate credit info eg proof that she paid rent on time, and other bills. There are some lenders who will lend you money . You have to look around. Brian has given you good information.
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February 05
You have one of three options if you are looking to buy ASAP.  Pay cash for the house, search for properties where the seller is offering "seller financing" or lastly, obtain a hard money loan from an investor.  If none of these three options are something you are comfortable with or is feasible open up a credit card today, pay the your balance on time every month, and keep the line of credit at least 70-80% available.  Pay timely each month and in about a year or two hopefully you can get pre-approved for a traditional type mortgage. 
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September 24 2013
For most lenders you usually need at least a couple lines of credit for the past two years to get a home loan. Luckily, there are some lenders like myself that can give loans without credit. In the event a borrower does not have sufficient credit on their credit report we will allow substitute forms. Some of these substitute forms are known as non-traditional credit which is judged by rental housing payments, utility company references (gas, electricity, water, cable, etc.), school tuition, automobile leases, insurance premiums, retail store credit cards, and a documented 12 month history of savings from a bank. These are all ways in which a lender will review your credit without actually having credit, but not all lenders will accept this

Well I hope this helps! If you have any further questions or if you need a loan, feel free to contact me through the information on my profile page.

Good Luck!
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August 21 2013
There not unneccesarry credit cards if they are being used to establish credit.  Your best off with 3 to 4 accounts. 
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December 09 2012
You don't have to have a credit score, but you do have to have credit. Your landlord would be one, if you have utilities they can be another, telephone another, and cable, insurance, etc could be the third. 
A co-signer will not assist you if you have no credit, you still have to credit qualify on your own. You need a lender that will underwrite manually and develop the credit profile with letters from your current "creditors.:
It can be done without opening credit cards. Also, some people without credit scores still have derogatory credit such as collections on their account, this will make it impossible to do the building above.
Let me know if I can answer any further questions.
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November 27 2012
I can coach you to build an instant credit profile if you would like.
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November 12 2012
Profile picture for sunnyview
A bank will require a credit history showing that you can use credit responsibly. If you have no credit, you can build your score from scratch* and that will reduce the cost of any mortgage you get.

Without any credit, your mortgage choices are either owner finance or possibly other options with much higher rates than a traditional lender.

*hotlink deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines
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November 12 2012
Profile picture for wetdawgs
Sounds like you are in a position to identify the components of the game.     When I was in your shoes, I had the same issue.  I paid for my car in cash, and was happy to pay for everything else in cash.   However, the only way to develop a credit score and thus be eligible for larger loans such as home mortgages is to demonstrate responsible use of credit with the smaller items.    I started by getting a loan for purchase of a stereo through the audio store.  I was rejected for three credit cards because I had no credit history, so finally accepted by the fourth.   I've never carried a credit card balance in the hundred years I've had the (now) two credit cards but they were sufficient to help build up an acceptable score. 

You've identified your dream, home ownership, now is time to break down the steps required to achieve your dream.

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November 12 2012
 
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