Home Buying in Winchester>Question Details

Amanda Kevin…, Home Buyer in Winchester, VA

I really need help around winchester, va. I have NO CREDIT and neither does my fiance. HELP!

Asked by Amanda Kevin And Baby Violet, Winchester, VA Tue Dec 6, 2011

Nobody will give us a chance he has a steady job but how are we suppose to get credit if no one will help.

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Annette Lawrence 727.420.4041’s answer
Amanda,
Banks are traditional lending sources. When a bank will not lend money you can turn to non-traditional sources such as Uncle Joe, the Buy Here - Pay Here shop, and yep, all those pay day lenders. Non - traditional money sources are more, much more expensive than credit unions and banks. Using them because no one else will lend money is often a trap that is extremely hard to escape.

What you must do is build your credit the very same way everyone else did, with discipline and patience.
#1. Set up a budget... a real budget that includes savings.
#2. Stay put for several months to establish an employment record and save a few bucks.
#3. If you have demonstrated you can live within a budget for several months, now you can apply for a charge card. Never leave more than a $60 balance at the end of the month.
#4. In six or eight months you may be able to sign a lease for an apartment.
#5 In two years you will have saved sufficient money, $5,000, for a down payment on a home of your own.
#6, Call your nearest real estate professional.

Don't entertain the idea there are short cuts. The process is as much about creating economic maturity as it is getting money. Have a plan, stick to it and you will reap the benefits.
0 votes Thank Flag Link Mon Dec 19, 2011
no one has theyve pretty much put us on our own
0 votes Thank Flag Link Mon Dec 19, 2011
If you are working with a local real estate agent they should be able to refer you to a local mortgage broker or banker.
0 votes Thank Flag Link Mon Dec 19, 2011
can anybody provide me with banks that do non traditional i know of wells fargo bank of america but there atleast and hour or2 away
0 votes Thank Flag Link Mon Dec 19, 2011
can anybody provide me with banks that do non traditional i know of wells fargo bank of america but there atleast and hour or2 away
0 votes Thank Flag Link Mon Dec 19, 2011
Non-traditional types of credit are those that do not normally reflect on your credit report. For example, if you bought a car at a "buy here, pay here" car lot then they are likely not reporting your pay history whether good or bad to the credit bureaus. Sometimes you can get documentation from that creditor and have it added to your credit report as long as certain conditions are met.
0 votes Thank Flag Link Mon Dec 19, 2011
can anybody explain nontraditional credit
0 votes Thank Flag Link Mon Dec 19, 2011
Please call Robyn Graves at Success Mortgage 540-678-0800 she will help you and explain everything.
Flag Tue Mar 5, 2013
As everyone has mentioned, the best thing for you to do is to speak with a lender so you can get advice on how to start building your credit.
0 votes Thank Flag Link Fri Dec 9, 2011
I have recently got my credit report I have absolutly NO credit sigh
0 votes Thank Flag Link Fri Dec 9, 2011
please contact me directly : bubblez69123@yahoo.com
0 votes Thank Flag Link Fri Dec 9, 2011
What exactly is non traditional or alternate credit
0 votes Thank Flag Link Fri Dec 9, 2011
Check with whoever you bank with.
0 votes Thank Flag Link Tue Dec 6, 2011
I really dont trust wells fargo if anyone can get the application for another bank my fiance is employed while i do odd jobs here and there so i know i wouldnt be accepted
0 votes Thank Flag Link Tue Dec 6, 2011
Yes. Most of the bigger banks Like Wells Fargo and Bank of America offer secured credit cards like Don suggested.
0 votes Thank Flag Link Tue Dec 6, 2011
Is there anyway that i can establish credit w/o credit
0 votes Thank Flag Link Tue Dec 6, 2011
Amanda, has anyone taken an application from you and reviewed your credit report? Sometimes we can use alternate/non-traditional credit to build your credit profile. All it takes is a little time and effort to get you down the path but unfortunately a lot of lenders are not willing to invest either one to help.

Please feel free to contact me at your convenience and I will be more than happy to help you.

Elliott R. Oliva
Mortgage Banker
Primary Residential Mortgage
202-681-1636 direct
eoliva@primeres.com
0 votes Thank Flag Link Tue Dec 6, 2011
Well, you and your fiance probably DO have credit. It may be poor, it may we weak, or it actually might be OK. But it's difficult to live without acquiring some credit. Check with a good loan officer or mortgage broker to actually determine where you stand credit-wise.

It's also relatively easy to build credit. Get a few credit cards, for instance (Visa or MasterCard), and use them carefully. You'll take a small credit hit at first, but buying some items (thing you'd have bought anyway), and then paying them off over a period of 2-3 months will help. If necessary, start with a secured card. That's where you put $x (like $500) into an account that you can't touch. You then receive a credit card for that amount. The card is secured because if you don't pay the credit card amount, the lender can seize the money you've put into an account. Nevertheless, that'll help build your credit. The loan officer or mortgage broker can give you lots of other tips, too.

So what do you do until you've built up (or restored) your credit? Two basic options: First, rent. Even landlords and apartment complexes will want some sort of credit history. But it's generally less strict than if you were buying. Private landlords (individuals renting out a home or condo) often are more flexibile than apartment complexes.

Second option (if you really, really want to buy): Consider a lease-option. That's nicely suited for you--it lets you control a home and yet gives you time to build up your credit. I wrote a blog on how to find lease-options: http://bit.ly/findaleaseoption. Please note, though: Have a real estate lawyer advise you on how to protect yourself. Some (many?) agents here on Trulia don't like lease-options, and one reason is that if they're not properly constructed you can lose out. (Reminds me: I have to write a blog on that subject--how to protect yourself!) And there are plenty of properties around Winchester available for lease-options.

So: Consult with a lender to really determine what your credit and your fiance's credit is. Get advice on how to improve it. If necessary, consider renting for a year or two while strengthening your credit. If you're really eager to buy today, consider a lease-option, but make sure you get good legal advice on how to protect yourself.

Hope that helps.
0 votes Thank Flag Link Tue Dec 6, 2011
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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