It is more difficult for you to prove but if you have been responsible paying your reoccurring bills, this can be considered along with the other factors that cause you not to have a credit profile.
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Please see the link below from MSN Real Estate that addresses your question in detail. Please also note that many lenders consider persons with no credit to be a better risk than those with poor credit.
Georgia Real Estate Brokers Associate, REALTORÂ® Certified Affordable Housing Counselor
Keller Williams Realty Atlanta Partners
This is possible with owner financing. You may have to pay a little premium on the price of the property and about 10 to 15% down, but even in that case the most important question is do you have a job or other sources of provable income to make the mortgage payment----which should be less than 50% of your monthly income.
Call me if I can help.
Typically when you say, No Credit, does that mean you have a 0-0-0 credit score and no reportable credit? In "todays" market place with the investor "overlays" they are requiring the 640 MIN Middle credit score. To obtain that, it usualy requires that a person have some sort of credit reporting to the bureau's. 2-3 open lines of credit, CC, auto, pay here buy here that will report. I woudl start by the following:
1. Make a list of all you pay on a monthly basis, insurance, utilities, cell, etc. and see if they report to the bureau? If not see if they can give you a letter of credit how long you have had an account and if your pay history has been on time.
2. If you have no CC or open lines of tradelines, I would look to see who you can start with like a Prepaid CC, Capital one has one I think. May want to check online and see.
3. What relative of your may be able to have you joint on one of their small CC to help you establish some sort of history?
Then I would talk with an established and seasoned Loan officer to see what you have in hand, and can be done to help with establishing a score.
I thank you for your question and allowing me to send you an answer. With 23 years as a loan officer, I enjoy being able to help answer some questions. Thank you again.
Sr Mortgage Loan Officer
Silverton Mortgage Specialist
It would be VERY rare for someone older than 20-25 years to not have ANY established credit. Opening up 2-3 accounts as soon as possible is the best way to get started.
Working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of lending experience.
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Without credit you can not get a loan from a conventional lender.
Your options are in the order of greatest benefit to you:
1. Invest the discipline, time and planning to establish or repair your credit
2. Reduce you debt
3. Increase your savings and income
4. Have a plan in place for a FUTURE home purchase
5. Enter a lease option and start this process over, minus you down payment.
Attempts to circumvent policies that are in place to protect you will leave you in an even more difficult situation.
Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL,