Home Buying in 01603>Question Details

nam, Other/Just Looking in Northborough, MA

Can he buy a house and be approved from a lender?

Asked by nam, Northborough, MA Sat Aug 25, 2012

My brother has no credit and would like to buy a house. He has money for a down payment of 10% depending on home price. Will he be able to buy a house?

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Answers

10
We have rent-to-own homes, where your brother could move into a home and rent with an option to buy once he has built up sufficient credit.
0 votes Thank Flag Link Wed Dec 5, 2012
Owner financing may be a possibility but I did a quick search and only came up with 9 properties available in Massachusetts with this option, although there may be more. Not many owners are willing to do this but there are some out there..

Best bet is to rent in the meantime, build credit via credit card, car loan, etc and plan ahead with a lender.
0 votes Thank Flag Link Thu Sep 27, 2012
Its sad that no credit history will hinder a hard working person from obtaining a mortgage. In this environment its hard to get a mortgage even with excellent credit.

A local bank would be your best bet. Depending on your brothers tax returns, they may be able to work with him. Another suggestion would be if your brothers company has a credit union.

good luck.
0 votes Thank Flag Link Sun Aug 26, 2012
Good aftenoon Nam,

If your brother has no credit history then it is unlikely under the current lending environment that he could be approved for mortgage financing. I recommend that he meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of his loan request to answer questions with regards to the types of loans and maximum loan amounts he could qualify for.


Good luck!
Trevor Curran
NMLS #40140
0 votes Thank Flag Link Sat Aug 25, 2012
Nam,

Your brother's best best is to 1) find himself a good Buyer Agent who will 2) recommend local Loan Officers who will be able to determine if he is eligible for a loan.

A good Buyer Agent has a list of Loan Officers for various types of Buyers.

Please feel free to contact me at Joyce@JoyceLin-RE.com to discuss his options, I specialize in Buyer Agency.

Best of luck to him!

j
0 votes Thank Flag Link Sat Aug 25, 2012
Actually Tim no credit IS bad credit. It's typically easier to clean up bad credit than create credit from nothing.
0 votes Thank Flag Link Sat Aug 25, 2012
To purchase a property, first is to get a pre-qualify
letter from a bank, not only credit score.
0 votes Thank Flag Link Sat Aug 25, 2012
A good Loan Officer will be able to help, but another option may be seller financing. It has to be the right sitution for all parties, but it does happen.
0 votes Thank Flag Link Sat Aug 25, 2012
No credit is not as bad as bad credit and it will depend on many other things. Contact some lenders and ask.
0 votes Thank Flag Link Sat Aug 25, 2012
Perhaps with alternative credit. Contact me at rshapiro at assetmortgage dot net to discuss
0 votes Thank Flag Link Sat Aug 25, 2012
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