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Answers (7)
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Besides what has beeen mentioned. With 40%% down you can get a private money loan.
Happy funding, Rudi
Happy funding, Rudi
- Tara Talbot, "Tara Talbot"
- Contributions:147
So much is credit score driven in the world of traditional mortgages today. Although FHA used to allow for non-traditional credit, such as rental verifications, credit letters from utility companies and auto insurance. However, few investors allow for a manual underwrite these days.
f you decide to establish credit with a credit card or secued loan, it may take as long as a year for your score to be built. If you choose this route, use the credit card monthly, making a small purchase and paying the balance out monthly.
f you decide to establish credit with a credit card or secued loan, it may take as long as a year for your score to be built. If you choose this route, use the credit card monthly, making a small purchase and paying the balance out monthly.
- Al Rodenburg, "Al Rodenburg"
- Contributions:27
Correct, unless you get owner financing or your local bank or credit union uses it's own funds to do mortgages - in which case they can set their own loan criteria.
- sunnyview
- Contributions:25139
With no credit, you probably cannot get a conventional loan. You may have other options like owner financing or a hard money loan, but each of these have their own issues.
The best option is to start building credit now. It will give you more house choices and lower the cost of getting a mortgage. There is an article here on building credit from scratch.
The best option is to start building credit now. It will give you more house choices and lower the cost of getting a mortgage. There is an article here on building credit from scratch.
- Mike Bjork, "MortgagePlannerMike"
- Contributions:346
It's always good to build your credit, but to provide you a short answer, yes, you may be able to apply for an FHA loan with Non-Traditional Credit. That means they will review your payment history on other Credit items, such as your Utility Bills, Phone Bills, Cable Bills, etc...
- Andy Matejka, "tejks"
- Contributions:352
You might be able to "build" credit using non-traditional tradelines. For example, by gathering your last 12 months cancelled checks and proof from your landlord you might be able to use this tier 1 type of non-traditional credit to be scored at the Bureaus.
But dont' stop there....as you will want to score the tier 2 types of non-traditional tradelines as well...Utilities, cable, phones or the like can be scored in a similar fashion.
However, you will need to find a lender that can get the loan approved afterwards which can be a challenge in this environment. Either way, it will take some effort but if you deserve a loan, you can get one.
But dont' stop there....as you will want to score the tier 2 types of non-traditional tradelines as well...Utilities, cable, phones or the like can be scored in a similar fashion.
However, you will need to find a lender that can get the loan approved afterwards which can be a challenge in this environment. Either way, it will take some effort but if you deserve a loan, you can get one.
- Lee Oliver, "Lee Oliver"
- Contributions:130
Not necessarily. Check with a trusted lender to guide you through the process.
Is it safe to say that if you have no credit then you can not get a loan to finance a home?
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