Financing in San Diego>Question Details

Lizbethmonta…, Home Buyer in New York, NY

Where can i get approved for a loan I have no credit and I do have a job?

Asked by Lizbethmontano1, New York, NY Sun Jul 7, 2013

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Technically, FHA and VA loans allow for non-traditional credit (utility bills, cell phone, cable, etc) as a alternative credit cards, installment credit, ect. However, very, very few lenders are currently allowing the use of alternative credit. In other words, most lenders have additional guidelines over and above FHA or VA restricting the use of non traditional credit.

And, more than likely, if you are able to find a lender who will allow you to qualify with non traditional credit, you will pay higher rates and fees than if you had established credit.

A better course of action would be to meet with a mortgage professional to develop a strategy to establish current credit history so you can qualify for the majority of mortgage products available in today's market. Best of luck to you.

Deborah
NMLS #279125
2 votes Thank Flag Link Mon Jul 8, 2013
I have had a buyer with very little credit get approved for a loan. The lender used her utility bill payment history as a credit reference.

Things have become tight for approving loans, lenders are using tighter guidelines, but it cane be done.


I wish you the very best!

Kawain Payne, Realtor
1 vote Thank Flag Link Sun Jul 7, 2013
Visit with your local bank and put down as much collateral as you can.
1 vote Thank Flag Link Sun Jul 7, 2013
Mortgage lenders will have their own credit requirements for each particular loan program. Speak to a licensed mortgage professional in your area about getting pre-qualified for a mortgage loan. Best of luck!
0 votes Thank Flag Link Tue Oct 22, 2013
There are many avenues....what really matters is how much money you make and how much down-payment you can budget. I have great lender referrals who think outside of the box for these types of scenarios.
0 votes Thank Flag Link Mon Sep 16, 2013
you need to find a lender that you or a real estate agent has conections with, if you would like i could help you with the lenders i use. andre mcgarry 760 908 9022, andrethehomeseller@gmail.com. i work out of the keller williams .
0 votes Thank Flag Link Mon Sep 16, 2013
Some lenders accept other proofs that you are paying your bills on time. Although, if you don't have a job, I am wondering how you can do this. Be prepared to show documents about steady income before you get prequalified.






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Dana Lindberg
CFS Mortgage - http://www.cfs203k.com
0 votes Thank Flag Link Sun Sep 15, 2013
Lizbeth,

No credit is not a problem as long as you have proof that you pay your bills on time

Hector R. Gastelum
Realty Executives Dillon
REALTOR #01382940
hectorgastelum@yahoo.com
619-954-2225
efax 619-270-2516
0 votes Thank Flag Link Sun Jul 7, 2013
You will need to establish some credit for your best options. FHA will allow non standard credit such as utilities, cell phone bills etc. You should consult a local loan Officer to give you direction. If you have a large down payment there are private or "hard money" lenders who will finance you at higher than market rates.
0 votes Thank Flag Link Sun Jul 7, 2013
I can certainly help you. I typically meet clients face-to-face and let you know exactly what documents are needed. When we meet I go over the entire process with you, explain in detail all your financing options, rates, estimated payments, etc.

At least half my clients need some sort of help with their credits, if for whatever reason your credit is not in shape to qualify for a loan, I'll be able to tell you exactly what you must do so that it can qualify. If you'd like, feel free to call or email me and we can set an appointment in one of our Manhattan, Queens or Brooklyn offices, or my home office in Long Island. Good luck!

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Sun Jul 7, 2013
Get lender recommendations from a trusted friend, relative or Realtor. Make an appointment with the lender who you decide is a good fit for you. The lender will assist you in determining where you stand now and then map out your plan of action. This may include obtaining a credit card and using it to pay regular bills and pay the bill in full every month. Building a payment history builds your credit. If you cannot get a traditional credit card, get a secured card. In any case, a lender is better positioned to put you on the path to success.

If you're a first time buyer, you might ask about down payment assistance programs for which you may qualify. You'll probably have to take a homebuyer education class and there will be extra paperwork involved, but it may be worth it. Good luck!
0 votes Thank Flag Link Sun Jul 7, 2013
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