- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Replies (4)
- Carl Henker, "Carl Henker"
- Contributions:755
Without at least 4 trade lines you would have a very difficult time obtaining financing. The advice you received is good advice get some additional credit established and continue to add to your savings until you have the necessary score's and credit history. Your other option is to locate a property that has owner financing and maybe the lack of credit will not be a concern with the seller.
- Brad and Kirsten Jaeb, "JaebRE"
- Contributions:28
Hi -
Seller financing could be a really good option for you. The seller might ask for a credit report, but you would write them a letter explaining your situation. It would help also to have a couple of letters of recommendation and/or people the seller could call to check into your character and reliability. After all, you are asking them to loan you a large sum of money, and they want to know you will pay them regularly. Having a 25% downpayment is a huge help, and would give the sellers a good-sized chunk of the money they are looking for, and then regular monthly payments for the agreed-upon time. That could help them tax-wise as well.
Good luck with your home search and purchase!
Kirsten
Seller financing could be a really good option for you. The seller might ask for a credit report, but you would write them a letter explaining your situation. It would help also to have a couple of letters of recommendation and/or people the seller could call to check into your character and reliability. After all, you are asking them to loan you a large sum of money, and they want to know you will pay them regularly. Having a 25% downpayment is a huge help, and would give the sellers a good-sized chunk of the money they are looking for, and then regular monthly payments for the agreed-upon time. That could help them tax-wise as well.
Good luck with your home search and purchase!
Kirsten
- Trish Brown, "TrishTheLender"
- Contributions:14
In todays mortgage world, it would be hard to obtain a mortgage without some sort of credit. Can your parents switch the insurance an cell phone over into your name without it costing much more? There are a lot of things which could be done to help, like the down payment which you have saved up, if you have stable employment, if your debt to income is low etc. It should not take long before you have a credit score. Make sure that you are never late on your card, and it also may be a good idea to obtain another secured card with a credit union, they seem to have the lowest rate.
- Glen Carpenter, "Cabindweller"
- Contributions:16
Considering the fact that your original post was dated back in June, you surely have at least 1 credit score by now. Certainly not all lenders work the same way or have the same policies and guidelines. But my experience has been that you can receive a loan approval with as little as 1 tradeline on your credit report and as little as 1 score on your credit report, as long as that score is at least a 640. The key is that the lender must run your loan file through an automated underwriting system and let the system, not an underwriter, determine the overall scorecard rating. Of course without all of the facts it is impossible to make an accurate determination at this time, but from the sounds of things, your loan may very well be quite doable.
My advice would be to seek out a lender and you may very well be in for a very pleasant surprise! Good luck!
My advice would be to seek out a lender and you may very well be in for a very pleasant surprise! Good luck!
Loan pre-approval question
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.