I want to buy in coconut grove and I have enough for a 20% deposit however I do not have a credit history at all.

Asked by Miami, Southwest Coconut Grove, Miami, FL Wed May 18, 2011

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Andre Shambl…, Agent, Miami, FL
Wed May 18, 2011
Lenders consider a variety of things when reviewing applications for mortgage loans. In addition to a credit history they also look at monthly income, expenses, down payment and house value. If you have no credit history, try some of these solutions to help make your dream of owning a home a reality.

One important step it seems you've already made is being prepared to make a sizable down payment. A lender is much more likely to take you seriously if you're willing to invest your own funds to purchase a home. A large down payment creates instant equity which not only lowers the lender's risk significantly, it could also get you a better interest rate.

Second, get letters of recommendation from current or former landlords. A letter from a rental agency that states you upheld the terms of your lease for at least 2 years can be as good as a credit rating for a car loan or credit card.

As an added measure begin to build credit by getting a credit card. If you use it regularly and pay it off every month, or at least make the monthly payments on time you can begin to build a credit history which will help you when you apply for a home mortgage loan.

Talk to a mortgage lender to see what home buyer programs they offer geared towards your situtaion. Many banks and mortgage companies have loans available to buyers with little or no credit history.

I recommend you speak with a local knowledgeable and experienced Realtor who can educate you through the process. The more prepared you are to apply for a home mortgage, the better your chances will be of getting approved.

For more information or a free copy of our homebuyer's guide please feel free to contact me at 786-704-8482. I'll be more than happy to assist.

Andre Shambley
Miami Best Real Estate Team
1 vote
Sherry Green…, , Boynton Beach, FL
Wed May 18, 2011
Dear Miami Homebuyer,
It is possible to obtain a mortgage even if you have no reporting credit scorse. Lender will require alternate credit: cell phone bill, gym membership, electic or water bill.
Please feel free to contact me for further information.
1 vote
Sat May 21, 2011
Good afternoon Coconut Grove home buyer!
there are several reasons why a person can lack of credit history, maybe your credit is brand new because you are young, or you never actually worked on building it, maybe you are new to the country, maybe your credit has just been inactive for a too long, or other deeper reasons. (for more information you can read the Fair Credit report Act, it s free and public or contact a credit professional). But you also need to have income proof, last 2 years tax returns and bank statements reflecting your income deposits in order to have a pre-qualification done by your bank of any mortgage professional.
if you do have the rest of the documentation and you feel ready to start looking for your new home, I am a Realtor and a Licensed Mortgage Broker also, I can help you with that step if you like; but it is extremely important to remark that it is essential that you go through a pre-qualification processo BEFORE you start looking for your new property, so you can save some time, gasoline and headaches in the near future!
Have a great day!
Raquel Coronel P.A. - Realtor
(305) 989-5894
info@raquelcoronel.com / http://www.raquelcoronel.com
0 votes
Mott Marvin…, Agent, Sunny Isles Beach, FL
Fri May 20, 2011

Getting approved for a mortgage loan involved more than just a good credit history. For example, a bank or lender will base the borrowers "credit worthiness" on several factors;

Income, Expenses, Credit Score, Appraisal, Loan to Value, and a few other elements are weighed when considering an applicant.


Mott Marvin Kornicki, Broker
Waterway Realty of Florida

786-229-7999 Cell-Text
info@waterwaysrealty.com ≈ E-Mail

8811 Harding Avenue | Surfside, Florida 33154


Talk to your bank and get a few quotes from mortgage brokers and lenders.
0 votes
Abrir Gonzal…, Other Pro, Los Angeles, CA
Thu May 19, 2011
Hello Home Buyer

If you haven't already had your credit pulled, then you would need to do so, preferably with your banking institution if they service loans. Or you can also go online and find ways to get free credit reports. Once you have a credit report you can then understand how many points you need. The best way to establish credit, is to start small with credit cards like, Target, or Sams Club, maybe even JC Penny. Once you open up these smaller credit cards, keep a very low balance and this will eventually build your credit. This will take some time, generally 6 to 12 months, but you can save in the meantime while building your credit. Good Luck!
0 votes
Bob Bailey, , Miami, FL
Thu May 19, 2011
Dear Home Buyer,
It's pretty simple, is your 20% down payment in a bank? If so work with the bank you do business with, if they do not loan money for a mortgage move your down payment money to bank that loans for home purchase. With the understanding (should you move the money to a new bank) that the reason your moving your money is to get a home loan in the near future. That should seal the deal, as long as you have steady employment and have earned income.


Bob Bailey
Florida Licensed Realtor
0 votes
Joshua Leret…, Mortgage Broker Or Lender, Lakeland, FL
Thu May 19, 2011
Hello Miami,

Fantastic question! Not having traditional credit history does not disqualify you. If you are looking for an expert in purchase financing here in Florida, I would be more than happy to assist you and answer any more questions you may have. I have over 8 years experience in the business with a majority of my career as an in house finance agent for real estate companies so my experience in purchase transactions is vastly greater than most other loan originators. Our company, Residential Finance Corporation is a National Direct Lender with increadible volume which gives us access to the industries lowest rates and our service is second to none. On average, we close loans in about 18 days and can close your loan in as little as 10 days. Feel free to contact me and I will walk you throught the process.

Joshua A. Lerette
Senior Loan Officer
Residential Finance Corporation
800.930.7334 Ext. 1108 – Toll Free
813.402.4637 – Direct Line
727.488.7355 – Cell
888.692.5967 – Fax
0 votes
Adrian Franco, Agent, Miami, FL
Thu May 19, 2011

I have had several clients with this same issue. I do a lot of work with a local mortgage lender called Fembi, they are based out of the Dadeland area. They are very helpful and will explain to you everything from A-Z. Feel free to contact them at 786-888-5873. They have several types of different loans.

Hope this helped!
0 votes
Jose Morales, Mortgage Broker Or Lender, Lutz, FL
Wed May 18, 2011
We can help you and you don't even need to put that much down. Call or email me for a free consultation.

Jose Morales
Florida Mortgage Coach
“We Coach You Through the Mortgage Process”
0 votes
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