This will enable you to establish two trade lines and have a reported FICO score.
From there, make sure you have a checking account and pay all your monthly bills such as rent and utilities through that account.
If you follow those steps, you should be able to be pre-approved within 6-12 months. The other priority is to show 2 years continuous employment. Your annual income and Debt/Income Ratio will determine your maximum loan amount.
Feel free to call Edward Dubinsky, my Mortgage Specialist, with any questions. You can reach Ed at 215-808-5353 or email@example.com. He can provide you with a Plan of Action to become pre-approved in the near future.
When you are ready to start house hunting, please feel free to cal me. It would be a pleasure to negotiate a great deal for you and help you achieve home ownership =)
All the best,
Larry Lichtman, CNE
REALTOR, Property Manager
Your Real Estate Resource For Life
Cell/Text: (267) 254-7994
Real Estate Sales, Management & Insurance
1611 Snyder Avenue
Philadelphia, PA 19145
Office: (215) 271-7070
I f interested. Call me at 267-716-8228.
An important note.No credit doesn't mean no good credit.You must truly have a blank credit report.
Century21 Advantage Gold-Castor
If you need to obtain credit attempt to get a unsecured credit card or secured if need be. Do not make any major purchases like cars during the time you are preparing for the mortgage. Additionally you should open a bank account that you only use to save money and for small purchases. Every time you make a deposit you keep a copy of the source of it for example if you deposited the money from cashing your check than keep a copy of the check. Reason being a mortgage company will ask you to explain where your deposits came from, you can't use money saved under a pillow anymore. Hope this helps.
While it is true that you must have the necessary credit to qualify for the loan however there is an assistance program for down payments in the city right now. If you have a close relation with someone who would be willing to cosign for you than there is an option for you to take advantage of this program! The person would become a nonresidential cosigner, you would use their credit to obtain the loan and they can be removed them from the loan in less than 1 year of consecutive on time payments.
Good news everyone!! It is easier than ever RIGHT NOW to buy a home in Philadelphia! Interest rates are at HISTORIC LOWS and you can get down payment and closing costs assistance! The city of Philadelphia has partnered with Wells Fargo to provide up to fifteen thousand for down payment assistance. In response to this program several local banks have rolled out a lenders' credit for closing costs to go along side it. The lenders credit will provide up to ten thousand for your closing cost. Using these two programs, you can purchase your dream home for little to no money out of pocket.
Also due to this abundance of assistance money our in house banks have announced that they will approve a mortgage with a 580 credit score! (Some Restrictions Apply, you usually would need a 620-640 to qualify but 580 will be accepted under certain circumstances)
The time is now! Buy your dream home today!
Call Danielle for more info 267-423-2623
Thank you for your honesty and clear description of your qualification situation. Let me blunt with you and tell you the truth as so many other folks here on Trulia will probably try to sell you the Brooklyn Bridge. If you have no credit there is no way possible to quickly obtain good credit. And with no credit you cannot possibly qualify for mortgage financing at this time.
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.
You are in good shape with no credit.The state bond program allows no credit scores .You will need 3 pieces of alternative credit such as phone bills, utility bills, car insurance etc .
Do not open new credit .If you do you will need to wait at least one year to purchase your home .
I would be pleased to speak with you further .Please call me at 267-716-8228 or email at firstname.lastname@example.org.
Century21 Advantage Gold
It is a relatively new program and I am not sure how long it will be around for, but lots of buyers are excited about it.
I suggest finding a good lender and discussing the credit issue with them.
Being a homeowner has many rewards, so no matter the hassles you have to go through, it is worth it in the end.
Once you obtain pre-approval, you should speak with a Real Estate Professional like myself to begin finding the right home.