Home Buying in Jacksonville>Question Details

Mrs.duck, Home Buyer in Jacksonville, AL

How do you go about buying a home or being finaced when you have no credit history ? but work full time ?

Asked by Mrs.duck, Jacksonville, AL Mon Jun 29, 2009

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That's the very same thing my husband and I used to have to ask....Every where we went, "well, you guys have no credit and got to have some credit...But you ain't gettin it here" UGH!!! that was SO SO frustrating! Well, what we did was my husbands parent have more than PERFECT credit especially with our local hoetown bank! So, we wanted a car....my father-in-law co-signed with us....bam! We have started our credit!! We were NEVER late! Then, we wanted to move into a nicer home...we found a 1997 16x80 Redman mobile home that was VERY nice and costed $14,000.00 !!!! Well, My father-in-law (great buisinessman) said he'd co-sign with us again at same bank....BAM! We got more credit, always making payments on time! Actually, at the bank, my husbands dad said "lets just borrow 13k and see if the guy will take 13k instead of 14k" Guess what? We got it for 13k!!!! YAY!!! We saved 1,000 dollars!! Think about doing that! (just make sure u have the extra $$$ on hand in case they say "no"!!) Anyways, We also got a Wakefieds/Martin's Family Clothing store credit card which gives you the option to pay the "6-month, no interest"- which means my payment is $25, or "12 month interest" -this means you'd only have to pay $12.50, but you would be paying interest!! So, whatever I charge, I've ALWAYS paid the 6-month no interest! Just like going in the store, buying clothes paying cash for them!!! Makes your credit score go up!! The only and easiest way to build credit is to have a good co-signer! But, they will have to trust that they know FOR SURE you will pay AND pay on time!! Thats the best way to build credit! We have had to refinance our home and didn't even need my in-laws to co-sign! We got our mortgage paid half way and i had a car accident, fell asleep at the wheel headed to work early (4:00 am.) and wrecked my car and needed to be fixed...SO, I go to the bank myself, alone, (w/out my husband or in-laws) and I had a check in my hand for $3,000.00 within 20 minutes!! And it's paid off now. Then, we wanted to go buy a fish/ski boat I had found in a trader book... we went to the bank, walked out with a $3,500.00 check in about 15-20 min. They know us by name now!!!! The loan officer, Walter, said "looking good, looking good" it makes you feel SO SO good to be able to go borrow money anytime we need/want something!
I'll give you another good piece of advice!! Go to Columbus Finance and get a little $200-$400 loan and tell them you're trying to build up your credit...Thats another thing I've done to help my credit! Just keep your redit balances low. Example: You have a credit card with a credit limit of (we'll say) $200...charge about $15-$20 on it, when you get your statement, pay it off! They can't charge you interest as long as you pay that total amount due BY the DUE DATE! Keep your credit limits up and balances low! I warn you....those credit cards are VERY easy to use...just swipe and go...SO...don't bite off more than you can chew! It will make your credit score go up, up, up!!!! It takes time! negativity goes OFF you report in 7 years! Also, in case you didn't know, you may request a copy of your credit report FREE (government made this rule) annualy. The website is: http://www.annualcreditreport.com .....it only shows your actual true report from Experian, TransUnion, and Equifax. It will NOT show your score. I think I paid the extra $4.95 or $7.95 one or the other(can't remember) or its like $14.95 for all 3 scores......and TRUST ME...they are all 3 different!!! Not sure why...weird! So, good lick to you! Also, I wanted to let you know, my sister lives in J'ville, AL. Just straight accross the road from Jacksonville High School. In that fancy house neighborhood....my sis' in laws got a bunch of $$$$$ from that "monsano lawsuit"....they blowed it all...the house is all they got left of it! E-mail me if you need anymore advice on anything! LiveN4Him0061@aol.com the "0061" part is ALL numbers not letters "OO" soe people get that confused!!! Thanks, God Bless!
0 votes Thank Flag Link Wed Jul 22, 2009
Mrs. Duck, I suggest you speak with a government loan specialist. A HUD approved FHA lender will guide you through the pre-qualification process.

These professionals can be found at http://www.fhaloanagent.com and will help you with all your financing questions about FHA.
Web Reference: http://www.fhaloanagent.com
0 votes Thank Flag Link Mon Jul 20, 2009
Most people who say they have no credit history that means they dont have any good credit history. However if you truly hav no credit history ( no collections or medical bills) then you might be able to do a USDA or FHA loan. Depending on how you pay you rent, Power, and etc. Give me a call if you would like more information
0 votes Thank Flag Link Fri Jul 17, 2009
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