Hello, I was wondering if it was possible to buy a home with no credit history. I have heared that the FHA may be able to help, is this true?

Asked by Raquel Escobar, Northwest Dallas/Love Field, Dallas, TX Mon May 31, 2010

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Bruce Lynn’s answer
Bruce Lynn, Agent, Coppell, TX
Tue Jun 1, 2010
Raquel,

There are some nice deals in this area too.
http://www.mlsfinder.com/tx_ntreis/robertbrucelynn?action=ne…
Chek it out. If you see anything you like just let me know.

Bruce Lynn
Keller Williams Realty
Web Reference:  http://www.teamlynn.com
0 votes
Bruce Lynn, Agent, Coppell, TX
Tue Jun 1, 2010
Raquel,

It is possible. I can give you a referal to a good lender if you need one to help you start checking.
That is your first step to get prequalified for a loan, once you do this then you are ready to go shopping
for a home. I used to live in this area and know if well, so when you are ready to start looking for homes, please give me a call.

Bruce Lynn
Keller Williams Realty
Web Reference:  http://www.teamlynn.com
1 vote
Doris Barnett, Agent, Richardson, TX
Mon May 31, 2010
This is definately a possibility-My son was only 19 the first time he bought a home with no obvious credit lines-with a good lender who understands how to use alternative credit information this can be done. While it may take a bit longer, he did own his own home and impress the loan officers at other banks when he went to get a checking account at another bank later on. I just grinned when they complimented me on my son and his age. I have several lenders to suggest as well. One is in the office and speaks several languages in case there is anyone else out there in a similar situation.

Don't buy anything else on credit until you speak with the lender-this can come back to bite your credit too! Get good advice first! Happy hunting!

Doris
0 votes
AV, , Dallas, TX
Mon May 31, 2010
Alternative Tradeline Loans are alive and well thru the FHA program...you are correct! Call me If I can assist 214-954-7566

AV Vaghela
Supreme Lending
0 votes
Dallas Texas, Agent, Dallas, TN
Mon May 31, 2010
Most lenders require you have a history show you can pay your bills on time be responsible. HOWEVER some lenders might take alternative providers: electric, cell phone, cable and etc.

Have your mortgage broker detemine if you can qualify based on your financial history, 2 years employment, 3.5 % or more downpayment

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes
Mary Beth Ha…, Agent, Dallas, TX
Mon May 31, 2010
It is hard to imagine that paying all of your bills on time, paying cash for cars and not using credit cards could be a bad thing. What is this world coming to? But the reality is that not showing a lender your ability to use credit wisely is a bad thing in their eyes. You will want to talk to a lender to see exactly what your credit looks like and I can reccomend a good one. If they say you do not have any credit they might suggest opening a credit card in your name, using it and paying it off each month.

Good job on using debt wisely and good luck in your home purchase. If I can help you with that, It would be my pleasure to do so.

Mary Beth Harrison
The Harrison Group
Keller Williams Realty
214-365-6500
mbh@DallasNative.com
Web Reference:  http://www.DallasNative.com
0 votes
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