Financing in 75070>Question Details

Monica Aragon, Home Buyer in McKinney, TX

My husband and I are a young couple and would like to purchase a home, but we have no credit. Any help on what to do?

Asked by Monica Aragon, McKinney, TX Tue Nov 19, 2013

just recently we started to build our credit with store cards

0 votes Share Flag Financing in 75070

Help the community by answering this question:


This is an easy one :) Start establishing credit by obtaining TWO secured cards. The credit-bureaus will not be able to tell that it is secured or not, thus giving you trade-lines. Also, if there are any loans or creditors that you have, call and ask them if they can report to the bureaus for you. If you'd like specifics, please feel free to contact me. I have buyers in this situation all of the time. :)

-Amy S. Arey, Realtor
Halo Group Realty, LLC
0 votes Thank Flag Link Wed Jul 16, 2014
In the event a borrower does not have sufficient credit on their credit report there are lenders that will allow substitute forms. Some of these substitute forms are known as non-traditional credit which is judged by rental housing payments, utility company references (gas, electricity, water, cable, etc.), school tuition, automobile leases, insurance premiums, retail store credit cards, and a documented 12 month history of savings from a bank. These are all ways in which a lender will review your credit without actually having credit, but not all lenders will accept this.It is also important to keep in mind that lenders look at other factors as well including income, expenses, assets, liabilities, debt, employment, down payment, as well as and credit score. So all of these have to be strong as well for you to be able to get a loan. I recommend you speak to a lender like myself that can help you out with this type of loan that fits your situation. Well if you have any other questions or need a loan, please contact me through the information on my profile page. I hope this helps and good luck! Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887
0 votes Thank Flag Link Mon Feb 3, 2014
Hello Monica,

I would love to assist you and your family; however, in order to best serve you, I will need to gather more pertinent info from you, so please call me anytime at 214-872-0400 so that we can discuss your real estate needs.

Providing Solutions Because...Your Move Matters!

Michael L. Brownstead, GRI, ABR
Keller Williams Realty
Cell: 214-872-0400
0 votes Thank Flag Link Sun Nov 24, 2013
Hi Monica...totally agree with advice you've been given by my Realtor colleagues - talk to a mortgage professional who can assess your financial situation and determine when and how you can qualify for a loan. If you can't qualify at this time they can give you sound advice about ways to build your credit and position you to purchase your home. Don't wait...the sooner you get started the better. I have mortgage lenders I can recommend as well and would love to support you in this process.

Best of luck to you!

Sandy Setliff
214 620 1615
0 votes Thank Flag Link Wed Nov 20, 2013
If you don't have "bad" just don't have very much "good" credit, then you will probably be able to purchase in the near future. Depending on your specific circumstance you may want to consider asking a parent to co-sign with you, open a department store credit card and pay it off each month to build credit, verify that the utility providers are sending your information to the credit reporting agencies (such your electric provider or cable/internet provider). All of these could be options for you depending on your specific situation.

My recommendation to you is to begin by talking to a mortgage professional. I would recommend calling John Haddock with Cobalt Mortgage at 972-473-2502 or He will be able to give you specific information on what steps to take that will benefit you the most. He will also be able to go over down payment amounts, closing costs, monthly payments, and other important information that you will need as you move forward.

Once you have the financing part worked out, our team of agents would be happy to assist you with personal tours of homes for sale and assist you with the entire home buying process. Our services are free to home buyers and include buyer consultation, home tours, comparable sales, negotiations, home inspections, and more. The sellers have hired a Realtor to represent them....and it's in your best interest to do so as well.

Happy holidays!

Melissa Hailey - North Texas Top Team, Realtors
Coldwell Banker Jane Henry Realtors
0 votes Thank Flag Link Wed Nov 20, 2013

There are several ways to get you into a home. I help people throughout the metroplex find homes regardless of there situation.tere is always a lender out there for you.

Give me a call and we can discuss your situation and how to move forward.


Chris Hutchinson
The Michael Group
0 votes Thank Flag Link Tue Nov 19, 2013
Hi Monica! It may be possible to qualify for a lease with right to purchase program. Youd be able to build your credit while living in a home your wanting to buy. Let me know if you're interested and I'll be happy to forward you details.

Thelma Sunderland
JP and Associates REALTORS
0 votes Thank Flag Link Tue Nov 19, 2013

As long as you dont have negative credit, i can help if you dont have traditional lines of credit and no credit score. We would need to verify non traditional tradelines, like rent payments, utilities, car insurance etc. please email me at to discuss.
0 votes Thank Flag Link Tue Nov 19, 2013
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