Home Buying in 20879>Question Details

m, Home Buyer in Gaithersburg, MD

Hi, I am interested in purchasing a condo in the DC metro area with no credit score and credit card which I received a month ago. Good job history!

Asked by m, Gaithersburg, MD Mon Jul 9, 2012

Hi, I am interested in purchasing a condo in the Washington, DC metro area. I have no credit score and 1 credit card which I received one month ago. I have a good job and have worked for the same company for 6 years. I make more than enough to cover the amount I want to borrow which is $150,000. I can put down 5-10%. Is there anyone out there who can help?

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General advice: It takes 90 days to establish a credit score. You absolutely need the credit score to qualify for a loan. It is a good idea to establish 3 credit sources. One credit card will not do enough to establish a score. A bank credit card, a gas card and maybe a specific store's card (Kohl's, Macy's, Target, etc.) would work, but you have to use them and show that you can charge something and then pay it. It's not enough just to have it if you don't use it. Do not buy anything large (like a car) until you talk to someone if buying a home is your priority. While car payments can help establish your credit, it also reduces the amount you would qualify for, for the home loan.
Choosing a good lender to guide you is the first step, along with a Realtor. I can give you contact info for excellent loan officers if you like. Just contact me.
You are headed in the right direction. It will just take some guidance and a little more time.
Best of luck,
-T
http://activerain.com/tsheaffer
0 votes Thank Flag Link Tue Jul 10, 2012
Hi Mea,

Get connected with a good local lender and let them review your purchasing power.
0 votes Thank Flag Link Tue Jul 10, 2012
Would you give me a call? I need to know more details on your situation and possibly to come up a solution.
0 votes Thank Flag Link Tue Jul 10, 2012
Mea, I think it is womderful that you want to take advantage of this great market we are to become a home owner. Unfortunetly without a credit score it makes it hard to get a mortgage. As a realtor I am not an expert on this but I deal with loan officers everyday and I have never heard of any company giving mortgage loans without a gredit score and one year credit history. Some loan officers will use what is called alternative credit ( cell phine bills, electric bills, car insurance) that is in your name to reach 3 trade lines, but you have to have a score They also want to see history with these trade lines so you have to of had your credit card for atleast one year. I will however do some digging and see if there is anyone out there that could help you get a loan.
0 votes Thank Flag Link Tue Jul 10, 2012
You should get in contact with a good lender that can help you understand the proper way to build your credit. You can INHERIT credit as an option as well. Good luck.
0 votes Thank Flag Link Mon Jul 9, 2012
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