If you have a checking/savings account, check with that bank. If I can help, give me a call.
Well, the first thing I have to ask you is...are you sure you have no credit? Most people don't realize that they might have credit they didn't realize they had. Have you ever bought a car? Do you have a cell phone bill in your name? Each little thing you do can actually build you credit.
Your best best is to get with a Lender first and find out just where you stand. Sometimes if you have absolutely no credit, you can quickly go sign up for a credit card and use it sparingly and pay it off each month. This will take just a couple of months and as long as you are consistent, you can build up a credit history that a lender should be able to work with. That, along with your good job and a little cash saved up could very well get you into a home.
If you have any further questions, or would like me to recommend a good lender to you, please feel free to call me.
Realtor(r), ABR(r), e-Pro
Home Team of America
Lots of answers! No one mentioned that, if you have a family member with good credit, they can sign with you. As you build your own credit over a few years, then you may be able to refinance under your own name. Again, a good lender will walk you through all the alternatives. They WANT to lend you money, and some are very good at finding a way to do that.
If you have any questions please feel free to give me a call as I lend throughout the state of Texas.
You're also not restricted to making offers only on listings that explicitly mention the seller is willing to offer seller financing; you can make offers with seller financing on other properties too. If you don't already have an agent, then get one who's familiar and comfortable with creative financing.
While all of these answers have kernels of truth in them, they all should have said : First, contact a loan officer. He can tell you if you have any alternative credit that will enable you to buy. If you contact me at: firstname.lastname@example.org, I will give you the name of a specialist in this field.
you need to sit down with your local bank and see what programs they have for you. Also get your current credit score to know where you currently stand. You are eligible for a free credit report each year. Once you know where you are you can know the steps to get you on track. I wish you well.
It's very hard to accomplish getting a loan anymore w/out any established credit. I've had 4 clients this year already run into that same situation. In fact, I closed one client's house this year that took my advice 5 years ago. Now obviously you won't have to wait that long, but they decided to. Usually it will take a solid 6 months to establish credit the way I recommend.
Go to your bank. Ask for a secured line of credit for $1,000. Take that $1,000 and put it safely in your savings account. Then have them draft your regularly minimum required payment out from that account where the money is. Let it happen for 6 - 8 months. Then take the remainder out and pay the balance off. (of course you're gonna have to add more money to pay off the balance since you were also paying some interest).
That has worked many, many times! Of course as a disclaimer, check with a loan officer as well if you have questions.
This is a very good questions, and you've gotten some great answers. I just wanted to add that I helped another first time homebuyer with very little credit buy her first home about a year ago. She didn't have any credit cards/car loans etc. in her name, but she did have a cell phone bill that she paid monthly. With this small bit of "credit" and her solid job and income, we were able to get her pre-qualified and into a very nice home. Please let me know if you have questions or if you'd like me to refer you to a great lender that can help, please let me know. Good luck, and happy house hunting!
Kristen Alexander, REALTOR
Keller Williams Legacy
You would need 2 years employment, 3.5% or more down payment, debt / income ratio in balance.
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
If you have no credit score, which is very possible if you have not had any rotating credit or loan payments (car, boat, etc..), then you need to get some creit. God get a card, even if you have to deposit $500 and then charge on your own money. Once you have one card, getting others is easy. But remember - pay it off in full each month. I have a card I use for groceries only, one for gas only, one for my business only, and one for my personal use... but I have no balances on any of them. Do that, and you will have credit fast - then you can buy.
Talk to a great lender - they will tell you the same. I do have a great lender who can help you accomplish your goals. Let me know if I can help!
The previous answers are all good. If you have a utility bill in your name, this also counts as credit. So it is possible that you have more credit than you give yourself credit for! lol
Another option is finding a seller offering owner-financing. There are a few homes out there where you will find a seller willing to finance the property for you since you have the income to pay each month.
Hope this helps! Let me know if I can be of assistance!
Amanda P. Herring