Financing in 19096>Question Details

bakerhenry615, Home Buyer in Wynnewood, PA

Can I get a mortgage with limited credit history?

Asked by bakerhenry615, Wynnewood, PA Fri Nov 23, 2012

There is nothing negative on it, but I have only been in the US for a relatively short period and so have a very limited history and have only just obtained an unsecured credit card. Will this mean I cannot get a mortgage? I earn $170,000 a year.

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Hi there,
Welcome to the US. There are always ways to get financing if you are willing to accept the terms. I see you are from PA. Is this where you are planning to purchase your home? It may be somewhat difficult in this market to obtain a mortgage with so little history. .
I would suggest that you begin to establish your credit by purchasing a home with what is called "Hard Money". That is with a Lender that loans to someone in your situation or someone who has "bad" credit.
These loans are for a short period of time to allow you to establish a credit history and then refinance. They require a 30% down payment and interest rates up to 15%. Most of them are for 6 to 9 months but I can recommend a lender out of New York who will lend for 3 years. You seem to have adequate income. You may want to contact them for further information. Their contact information is below.

The Westmoore Group, LLC
http://www.westmooregroup.com
Ph: (646) 801-6190
Fx: (646) 619-4291

Best of luck in finding a wonderful new home here.
1 vote Thank Flag Link Sat Nov 24, 2012
Bakerhenry615,

I may be able to provide financing for you.

Luckily for borrowers like you with limited credit, there are other factors which can offset the risk which may enable a lender to offer financing. One example is providing evidence that rent has been paid on time for the last 12 months if you are currently a renter. Other factors such as money in reserve and a low debt to income ratio can help.

You probably will be limited to borrowing no more than $417,000 which is the coforming loan limit in this area.

I will be happy to discuss. I moved to HV Bank close to 2 years ago so I could help borrowers like you and have had great success.

Evan Shenkman
Huntingdon Valley Bank
267-934-3656
eshenkman@huntingdonvalleybank.com
0 votes Thank Flag Link Sat Dec 29, 2012
Bakerhery615,

Since no two credit situations are the same, I would recommend first speaking with a mortgage lender to review all of your options.

I would be more than happy to give you a name or two of people you can contact.

Joshua Stein, REALTOR®
Coldwell Banker Preferred - Conshohocken
jstein@cbpref.com
Office:(610) 828-9558 * Cell:(215) 866-8030
Direct:(484) 270-1165 * Fax: (215) 999-5894

PA License #RS317975
0 votes Thank Flag Link Sat Nov 24, 2012
Additional info: I can easily make a down payment of up to $200,000 and am looking to spend about $600,000.
0 votes Thank Flag Link Fri Nov 23, 2012
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