Home Buying in Hagerstown>Question Details

Slsmith_2010, Home Buyer in Hagerstown, MD

Could I still get a loan for it?

Asked by Slsmith_2010, Hagerstown, MD Wed Nov 17, 2010

My Fiancé and I like a house and have over 10% for a down payment and have had our jobs over 2 years, but we have no credit or co-signer, Is there any way for us to get financing/ mortgage/ home loan to get a house?

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A steady job for 2 years and cash down certainly puts you in a good position to acquire financing. It would be fairly easy to establish credit quickly, which would help with your qualifications for mortgage financing. There is also alternative credit, which can be used in some cases to establish credit for the purpose of qualifying for mortgage financing. Alternative credit would be rental payments, utility payments, etc. that are not reported to credit agencies. Establishing credit might be as simple as applying for and opening a small credit card through the bank that you currently have your checking accounts with. Using the credit card to make minor purchases and paying the balance off would help establish good credit. By using only half the available balance on the newly opened credit card would also help establish good credit quickly. If you are interested in a meeting with a Realtor and Lender to determine a plan of action to help establish credit, become pre-qualified for financing and take a look at the type of homes your quaification would allow you to purchase, I would welcome the opportunity to assist you and arrange such an appointment with no cost or obligation. You can visit our website provided for additional details or email me through Trulia.com. We are based out of Hagerstown, Maryland, which I see is where you are also from.
0 votes Thank Flag Link Wed Nov 17, 2010
May want to get seller financing or lease to purchase.
0 votes Thank Flag Link Wed Nov 17, 2010
You should speak to a lender about your situation. He or she will be the best person to answer your questions and to guide you on what steps should you take to become a homeowner.

Best of luck to both of you!
0 votes Thank Flag Link Wed Nov 17, 2010
Do you pay your rent on time? How about utility bills? If the answer is yes then you can get a mortgage if you go to an experienced mortgage officer at a lender who knows what they are doing (like me).
0 votes Thank Flag Link Wed Nov 17, 2010
Without knowing your overall finances--you may be able to qualify for a loan--visit with any qualified loan officer(s), after reviewing your financial picture, he/she can make a determination on qualification--and since you mention you have no credit--your loan officer may suggest great ways to establish credit quickly if needed.
0 votes Thank Flag Link Wed Nov 17, 2010

The answer is probably yes. But you need to check in with a good local lender who can get you pre-qualified and on track with the right financing program. Best of luck to you!
0 votes Thank Flag Link Wed Nov 17, 2010
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