Without any credit, you most likely won't be able to buy any property. I assume you pay rent, so you must have rental history and I assume you have a job, so you must have work history. On top of these two, if you never had a car loan or student loan or a credit card, no lender is going to loan money to you. You probably looked at the price of this time share and thought that because it is so low, you may still qualify for a loan. You must have credit history regardless of what the amount of the loan is.
This property is a vacation type property that is a fractional ownership. This could not be your fulltime residence. Having no credit history is far better than bad credit and easy to remedy. You can build good credit in six months or a year and be ready to buy something. If you want specifics please give me a call.
There are a number of ways you can restore or build credit quickly. I would love to share some ideas with you to help you prepare to make the best investment of your life. Interest rates are at an all time low. You are smart to take advantage of the opportunity.
Call me I can help you find an owner-financed deal.
Tim Sweeney, Realtor 762-5896
It depens on a lot of issues. You need to speak with a lender first so you will know you qualify when you are ready to make an offer. Even if you do not get this home another one will come along. If you have any questions please feel free to call. I am a licensed mortgage broker and Realtor. Currently 30 year fixed rates are below 3.75%.
Best of luck to you.
REALTORÂ® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
If you are interestetd in purchasing this or a home in gnerral, please give me a call and we can disscuss our possible options.
There may be available fee-simple properties within your price range, given some of the foreclosure prices.
Fee-simple would give you full ownership and usage of the property.
Check with a mortgage lender or your local banker to see where you stand with your credit score or the availability of credit to purchase a property.
Should you have any questions, do not hesitate to call or email me.
My job is to help you find a property once you know what you're pre-qualified for. Hope this helps!
A lack of credit can make it difficult to qualify for a loan but there are options. You could possibly have a good enough score to qualify on your own or you might consider asking a relative to co-sign on a loan. It will also depend on how much money you have available for a down payment. A lender would be able to pull your credit score, assess your financial situation and give you more options. Even if you cannot qualify at this time, a good lender can point you in the right direction with suggestions on how to build your credit score and what the down payment requirements would be for the different loan options.
If you need any suggestions on lenders or have any more questions, please feel free to contact me.