Hi Erika. You stated that you don't have credit which is not the same as having "bad credit". Many young first time home buyers can't provide a history of timely credit payments. There are alternatives to proving a stable payment history for credit purposes. For example, if you've been renting, you could provide a history of on-time payments from a landlord. There are other options which can be explored through a lender. Contact one in your area. Good luck with your home purchase goals.
Erika, when you said you don't have credit, Do you mean you don't have scores? Or do you have scores but not enough history? Or do you mean your scores are low? We have lenders that can go down to 580 but with additional restrictions. Call or email me so I can assist you better.
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Probably not. A credit history is the only way the bank can determine whether or not you will make your payments as promised. Are you sure you have no credit history at all? Did you ever have a student loan, a credit card or a car payment? Either way you should talk to a mortgage professional. They can advise you how to establish a credit history or repair the one you have if it is less than perfect. And they will be able to tell you how long it will take before you can expect to qualify for a mortgage.