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Danile, Other/Just Looking in Saint Cloud, MN

I am looking at purchasing a home and I was wondering what would be the easiest way for me to get a loan with little or no credit.

Asked by Danile, Saint Cloud, MN Tue Nov 1, 2011

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Hello Danile, Little to no credit is too vague for a direct answer! Here are some things to think about with lenders and credit:

A 3 bureau merged in-file report or full credit report must be obtained that contains at
least 2, but preferably 3 credit scores for each borrower. A “representative score” (lower of 2, middle of 3) will be chosen for each borrower on the loan. On a purchase, a co-borrower (occupying or non-occupying) may have NO score, as long as at least one occupant borrower has a 640 credit score. Tthe borrowers housing history must be documented for the last 12 months on a credit report, OR with a verification of rent directly from the landlord, OR with 12 months canceled checks.

Remember, lenders have different guidelines, however, this should point you in the right direction as it is pretty general. Other options would include parents, relatives, etc. being a co-borrower. But, as I stated earlier, little to no credit is very general! Take it one step at a time, find a righteous lender and have them work WITH you! Good luck!
0 votes Thank Flag Link Tue Nov 1, 2011
Well, you might start by asking relatives! Or, you might be able to resort to a hard money loan with 50% down. If you have dreams of buying a home and don't have cash, it's time to get serious and learn about developing credit and what you need to do to be financially able to purchase a home. Especially now that things are more difficult than ever to qualify for, you need some professional help! Best, Terry Bell, Realtor, Santa Rosa, CA
0 votes Thank Flag Link Tue Nov 1, 2011
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