Home Buying in 08078>Question Details

Dawn Webb, Home Buyer in Glendora, NJ

I have no active credit or score. Is there anyway of getting a mortgage?

Asked by Dawn Webb, Glendora, NJ Fri Apr 1, 2011

I had a lein that shows on my report. It was satisfied one month after it was reported. I have a good down payment. I have tried to get a regular and secured credit card but have been denied because of "No Active Credit", is there anyway to get a mortgage?

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Answers

6
Mortgages are readily available with an "alternate credit" history -- if you can show 12 months consecutive payments on, say, a cell phone bill, cable bill, rent etc in your name. You don't need a credit score. Especially if you have a good sized down payment and sufficient income. A satisfied lien with a good credit explanation is also ok.

Opening a credit now won't have any effect one way or another because you need a history of payments. Better to apply for a cars after you get your mortgage. This will help you down the road. You will then have a mortgage history under your belt -- and you will then get plenty of credit card offers.

However, don't charge too much. Just a small amount and pay it off right away. You will then be on your way to a AAA credit rating. It's a process, but anyone can get there !!!

Ruth Bonapace
Bank of America Home Loans
201 741 5269
1 vote Thank Flag Link Sat Apr 2, 2011
Yes. Maybe. It depends.
My company gets everyone a loan. It just may not be right now. There are definate steps you can take toward your goal. I'd have to know the whole picture
0 votes Thank Flag Link Wed Jan 30, 2013
You might also consider doing a deal with creative financing.
0 votes Thank Flag Link Sat Apr 2, 2011
Yes it is possible to build alternate sources of credit, but you've only given us a few pieces of the puzzle and since I doubt you feel like discussing your job history, income, debts and cash savings in a public forum, you won't get a final answer here..... SO, you have to pick up the phone and call one of us, or a mortgage loan officer. Try one of these.... http://hometeamnj.com/blog/wp-content/uploads/2009/12/mtg-reps.pdf

You could also look for seller financing.... like this one... http://hometeamnj.com/12-w-7th-ave-runnemede/ but "good" down payment may mean different things to you and the seller.

I hope that's helpful... if so, click the "thumbs up" below,

Joe
---------------------------------
Joe Montenigro REMAX Home Team
Broker, GRI (856)374-2800 x106
Serving Gloucester Twp, Washington Twp & South Jersey Real Estate Markets
Read: http://hometeamNJ.com/blog
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Note- Email me directly for follow up questions or answers, I don't monitor this forum for replies.
0 votes Thank Flag Link Fri Apr 1, 2011
Hi Dawn,
Thanks for your question.
1.- Try to get a secure credit card with the bank you have your checking/savings with. they can have certain agreed amount as collateral.
2.- Talk to the loan officer I work with at Wells Fargo. He will tell you what to do. 856-562-2286. His name is William.
Good luck,
Ines
Web Reference: http://www.inesdelacruz.com
0 votes Thank Flag Link Fri Apr 1, 2011
go out and get a credit card and charge something, pay it off right away. Even a simple gas station card will help.
0 votes Thank Flag Link Fri Apr 1, 2011
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