Question Details

Kyle, Other/Just Looking in Newark, OH

no fico score want to buy a home

Asked by Kyle, Newark, OH Sat Apr 28, 2012

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Trevor Curran’s answer
Good evening Kyle,

While the FHA allows for you to provide a Lender with an "alternate" credit profile---reference letters from utilities, cellphone providers, furniture stores and such---the reality of today's market is that Lenders want a credit score and a credit history containing at least 2 accounts open and active for twelve months or longer.

In short, you'll need to build a credit profile and obtain a credit score so you can buy a home in the future.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website.

The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.

Trevor Curran
NMLS #40140
0 votes Thank Flag Link Sat Apr 28, 2012
It won't happen, you need to establish three trade lines and build a credit history, it's not just the credit score, it's also your credit history. Lenders want to see your ability to pay back over a period of time.
0 votes Thank Flag Link Sat Apr 28, 2012
You will most likely need a large down payment or you can work on your credit. Click on the link below to read my blog "Building Credit From Scratch". Hope this helps.
0 votes Thank Flag Link Sat Apr 28, 2012
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