You don't actually need credit to get a loan with enough down or at a low enough LTV.
However, if its a 1 to 4 unit Primary res, 2nd home or Invest. Prop (bought to flip or rent out part time), you'll need to prove the ability to repay the loan at less than a 54.9% DTI
However, if you have no credit, meaning that you have never had outstanding debts or credit cards of any kind that you have had to pay off, then you need to establish credit. This can take up to a year, and it is not difficult .
For more information on your situation, you might want to consult a mortgage broker who can advise you on the best way to handle your situation. Go to thi site: http://www.PrestonWare.com
or call Preston "Ware at 561-329-0075. He may have further suggestions or sources that may help you.
Marc Jablon, The Jablon Team
Re/Max Complete Solutions
The situation of that property.
The intended use of that property. (residence)
The lender involved.
How much cash you will put down.
If you have collateral.
How much you need to borrow.
How much debt you currently have.
Other red flags such as divorce, change of occupation, non W-2 income, more that two other properties owned......the list goes on and on and on and on.
It is fair to say, if you do not have a W-2 based income from a company you've been with more than two years, and a red flag is present and you are dealing with an incapable lender, you will have a number of hoops to jump through and still fail in financing a house. This is a specialized situation that will require professionals with demonstrable skills, extensive contacts and the ability to architect a deal that appears unconventional.
There are many business owners, those receiving contingency income or investment income, who are cash rich and credit poor because banks tend to only acknowledge W-2 incomes. It's a bit of a challenge but absolutely possible. Don't expect any of the banks who received that bail out money as a potential lender. Too big to fail, in this case, is to big to care about the small, independent business person also.
Young people who start out in life usually have no credit but that can be a blessing for they may have a chance to prove themselves and, usually, most of them turn out good and responsible people fulfilling their obligations contrary to the bad-credit people who, for whatever reasons, can not come through with their financial commitments and falter left and right.
Generally (that word falls in "fair to say"), if one has a "bad-ass credit" it would be most likely that the dude would be flat out rejected by any reputable lenders but, as anything is possible, loan sharks would have a field day with those people who would partake in business with those unscrupulous lenders.