Home Buying in Brooklyn>Question Details

NYCBrowser, Home Owner in Brooklyn, NY

Can I qualify for a mortgage with no credit?

Asked by NYCBrowser, Brooklyn, NY Fri Feb 15, 2013

If you don't pay your mortgage, can the bank freeze your account with that same bank?

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Michael Richman’s answer

It is unlikely, but you should speak with a mortgage loan office. With a full disclosure of your financial situation, they will know for sure whether or not there is a program you can be placed in.

Michael Richman
Licensed Real Estate Associate Broker
KIAN Realty
450 7th Avenue Suite 1501
New York, NY 10123
212-757-8268 x220
2 votes Thank Flag Link Mon Feb 18, 2013
Dear NYCBrowser:

You should meet with several mortgage bankers and get yourself pre-qualified. Only then will you know if you can get a mortgage or not. It is possible to get a mortgage with no credit, but it is subject to your income, assets and debt as well. Good luck!

Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Sat Feb 16, 2013
If you have literally no credit, as in a 0 credit score, yes you can qualify for a mortgage. No credit is far better than bad credit. You just need to find a local bank or credit union that does manual underwriting. You'll need to prove your income, and your reliability of other payments (such as utilities). A credit score is just away of proving you borrow money and pay it back, but find a bank that realizes your responsible because you don't have debt.

I'm not sure what you mean with the second part of your question though?
1 vote Thank Flag Link Fri Feb 15, 2013
Hi NYCBrowser,

If you do then it's 99.9999999999 percent it's a scam to bleed you dry. There is no easy way around bad credit. The best thing to do is clean up your report I can give you some major resources on how to do that.

Ramona Johnson, Licensed REALTOR® Coldwell Banker Mid Plaza Real Estate Office
Mobile: (347)488-2606
0 votes Thank Flag Link Sat Feb 16, 2013
If you mean no credit history and no scores and you plan to purchase a home as your primary residence, then the short answer is no. Mortgage banks, retail banks and credit unions (the traditional sources of residential mortgages) all depend on your credit score to help determine the risk of default or likelihood of repayment. So the higher your score, the lower the risk and higher the chance of repayment. While it's not the only factor in determing whether or not you get a mortgage, it's certianly a critical member of the four c's of underwriting: collateral, capacity, credit and cash. Private lenders, also referred to as "hard money lenders", lend money to finance the purchase of investment properties almost exclusively on the strength of the collateral alone. However, the rates, fees and repayment terms would be unattractive and untenable for all but the most experience investors.

It's relatively easy to resolve your credit issue, if the problem is simply an absence of credit scores due to not having a credit history. I have helped many first time buyers to resolve this problem in as little as 30-45 days and subsequently obtain an affordable and sustainable mortgage to complete their purchase. In fact, I provide this information without charge or obligation as part of the pre-approval process for obtaining a mortgage. I suggest that you consult an experienced and licensed loan officer to address this issue as the first step in purchasing a home. For more information or assistance, I can be reached directly at 917.699.0183 or via email at michaeldenniston247@gmail.com. Follow me on twitter @mdenniston247.

Michael Denniston
Senior Loan Officer/Sales Manager
NMLS License 24076
Residential Home Funding
Direct Lenders
New York
0 votes Thank Flag Link Sat Feb 16, 2013
Depends, do you have any utilities in your name, any assets, etc.; for a personalized answer regarding mortgage qualification visit with any licensed loan officer...
0 votes Thank Flag Link Sat Feb 16, 2013
probably not - but this is a question you should ask a mortgage banker. probably yes, especially if
your mortgage payments are hooked up to your direct payment plan.
0 votes Thank Flag Link Fri Feb 15, 2013
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