Profile picture for Tertius

My fiancee and I want to buy, but we don't have a credit score. This possible in Texas?

I'm immigrating and she's been paying rent and utilities for two years and we have other liquid financial assets.

No debt.

Where do we go from here?
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June 17 2009 - Medical Center Area
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Answers (11)

Profile picture for snoopysdad
What all the previous responders overlooked is:

OWNER Financing. Perhaps with a recovering economy (in TEXAS) not as prevalent as here in Florida, however there are plenty of owners who are both willing AND Able. They need to be either mortgage free, or with a lender who's willing to do a 'wrap around' mortgage...and then, You still have to stay on top of the situation and make sure that the seller continues to promptly make THEIR mortgage payments, with YOUR Mortgage payments. Best to look for properties in this scenario where the seller has no mortgage remaining.

In addition, there's a Lease/Option(to Purchase) where it can be structured so that a significant amount (or ALL, ideally) of Your Lease Payments are going toward Your Down Payment. I've set these up for plenty of folks over the years where the term was 2 to 5 years, the accrued down payment money was significant (as in $90,000. over 5 years), and compliments of that "CONTRACT" which is what an Option to Purchase IS, as long as prices continue to turn around and climb in Your desired neighborhood, You're in a great position, buying a house with a huge down payment, 5 yrs from now, at today's agreed to price, when Your credit is much stronger, and having lived IN the home You want to buy, for the last 5 yrs. By then You've been married for years, and all your 'ducks are in a row'.

Don't snicker, folks are buying houses via this method, nationwide, daily now. The bad news is that the mortgage brokers and direct lenders out there in this world don't make a dime off of You (unless of course, You don't consider that "Bad" news?)
HTH
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June 30 2011

She can qualify alone if she makes enough money to cover the loan.  The ratio to qualify for a mortagage loan is 31%/41% generally.  What this means is that the house payment divided by the monthly income can't be greater than 31% and the total amount of debt/monthly income is not greater than 41%.

If she is under this guidelines, she may qualify alone.  She needs to apply for an FHA loan. 

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June 28 2011

FHA allows non-traditional or alt trade if there is in fact no score and nothing derogatory on the credit report.  Three alt trades if you can provide proof of at least 12 months of rental history.  It is also possible to use a TIN number.

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June 24 2011
FHA allows non-traditional lines of credit if you don't have a score.  I am not sure if you need three or four.  They can be any utility payment, insurance payment.  They can't be late in the last 12 months.

NACA has a program where they do a loan with a TIN number, and no down-payment, but it takes a long time to be pre-qualified and you have to take a class.

If neither one of this works, then you need a very high down payment (20 to 30%) to qualify as a non-resident.

Best of luck.
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June 15 2011
Although FHA does not require a minimum credit score, you are going to be hard pressed to find a lender who will allow only non-traditional tradelines.  There are a few left, but you may have to dig!  Your immigrations status, as many have referred to in this post, will have to be addressed.  Best wishes!
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August 01 2009
Profile picture for Mr Caveat
depends on alot of things... actual immigration status is a big one, actual incomes are another, down payment, ... ... ... lots of stuff... you can establish a pretty solid credit score inside 2-3 years though, so my recommendation is to sort out your green card and start working on a real credit score. in essentially the last 2 years i have gone from no credit to about 740, from what i am told, once some of these cards hit 3 years old, my score will do another jump
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July 31 2009
Immigrating? It depends on your actual status.With a TIN it is possible. FHA (Federal Housing Authority) financing is not dependent on a credit score. Also, it will still allow your fiance to qualify for a first time home buyer credit of up to $8,000.There are likely many Realtors and/or Lenders in Texas that are very familiar with helping clients with legal status issues.
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July 07 2009
I don't want to disappoint you, but it is difficult to get a loan without credit history.  I know from experience with some of my clients.  Even though they had good income and good job history, they could not get a loan about 6 months ago.  So they applied for a couple of credit cards and are building  their credit history.  I would advise you to do the same.
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July 07 2009
FHA financing allows alternative credit, such as rent and utilities.  I would call HUD and speak with one of their housing consultants to see if this is right for you.  HUD is the US Dept. of Housing and Urban Development, not a direct lender.

If FHA seems like the right fit, you'll have a ton of lenders to choose from.  Come back to Zillow and submit a request!
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July 07 2009
It is possible to add the utility pay history to her credit profile and generate a credit score.  I was able to help an individual purchase a home who had no credit. He payed cash for everything his entire life and had no credit at all.  Once we added his utilities we were able to generate a 650 mid credit score and get the loan done.  Not all lenders allow alternative credit to be used.  If you are still having troubles getting financing please let me know so we can see if this program will work for the two of you as well.
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July 07 2009
You may be able to purchase as a foreign asset, but down payments are typically larger.  I can refer a lender to you - her name is Cindy Patterson from Supreme Lending 210.355.0684 - she will let you know exactly where you stand or what you will need to do to get there.

Please let me know if there is anything I can help you with.  My direct number is (210) 542.8101
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June 17 2009
 
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My fiancee and I want to buy, but we don't have a credit score. This possible in Texas?
Profile picture for snoopysdad
Latest answer by snoopysdad
June 30 2011 | 11 answers
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