Home Buying in Bonham>Question Details

Cindy, Home Buyer in Bonham, TX

how do i go about buying a home when i dont have credit?

Asked by Cindy, Bonham, TX Sat May 12, 2012

im looking to purchase a home and i know what home i am very much interested in but i dont have credit and im not looking to get a credit card to start my credit but i have 10,000.00 for a down payment.

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There is alternative credit based on phone, utilities and etc. Recommend to confer with a mortgage broker who will review your loan application

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
0 votes Thank Flag Link Sun May 13, 2012

You can still qualify for a mortgage without credit. I know of some lenders that can qualify borrowers with alternative means of credit references, such as a history of utility payments, rent history, etc. Contact me if I can help. Jeff Kinkade, Coldwell Banker FMI Realty, 200 E Russell Ave, Bonham, TX.
0 votes Thank Flag Link Sat May 12, 2012
I had a person recently ask the same thing only do discover that he had credit, it just wasn't good. Step one is to talk to a lender and discover if you truly have credit or not. If not, you'll need to get some and allow time for it to take hold.
Apply with your bank or credit union for a credit card. If you don't qualify for conventional credit you may be able to get a secured credit card. Use it regularly and pay it off every month. You will need to apply for and obtain more credit, typically 4 lines with good payment history to qualify.
When you meet with a lender to obtain your credit report they can update and advise you further.
0 votes Thank Flag Link Sat May 12, 2012
You need credit to get financing, is there someone who can co sign for you? It's a huge stretch and lenders may not agree. You have more leverage with a higher down payment, as in 20%. I wish there was a simple answer, I can understand the desire to own your own home, but you may have to wait and do a couple things and one is save more money and the second is pay off your debts if any. Okay there's one more...job stability is also to your advantage.
If there's anyway I can help you let me know.
0 votes Thank Flag Link Sat May 12, 2012
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