I am looking to buy a home but I have no credit history but I do have a 25% down payment. could I still be accepted for a loan without a co-signer ??

Asked by jrayden2011, Peoria, IL Thu Aug 29, 2013

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Brian Nguyen, Mortgage Broker Or Lender, Mission Viejo, CA
Mon Feb 24, 2014
Yes, it is certainly possible to still get a loan in your situation. Usually a couple credit lines from past two years to get a mortgage from a lender. Luckily, there are some lenders like myself that can give loans without credit. In the event a borrower does not have sufficient credit on their credit report we will allow substitute forms. Some of these substitute forms are known as non-traditional credit which is judged by rental housing payments, utility company references (gas, electricity, water, cable, etc.), school tuition, automobile leases, insurance premiums, retail store credit cards, and a documented 12 month history of savings from a bank. These are all ways in which a lender will review your credit without actually having credit, but not all lenders will accept this but I have done this before for my clients.

Well I hope this helps! If you have any further questions or if you need a loan, feel free to contact me. Also, if you found this helpful please leave me a recommendation if you can!

Good Luck!

Brian Nguyen Sr.
Mortgage Banker
NMLS # 659743
Phone: 949.667.2887
0 votes
Melissa Goss, , Center Moriches, NY
Fri Aug 30, 2013
I'll be honest here, you will have a really, really tough time getting a loan with no history under your belt. My advice would be to go out, get 2-3 credit cards and maintain them well- never miss a payment. Having a solid work history may help your case as is right now, but you are at the mercy of the lender. Speak with any local lender about your situation and see what the advise to do.
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Marilyn Kohn, Agent, Peoria, IL
Thu Aug 29, 2013
It could be possible with a portfolio loan from a local lender. Contact me via phone at 309-692-7272 and we can discuss.
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James Hiatt, Agent, Peoria, IL
Thu Aug 29, 2013
Well that might depend on a few things. I do know of a company that is trying to change the way loans are given. I mean honestly, a credit score is an "I love debt score". Why should people be held back just because they do not borrow money. I am not saying that some people are not very financially savvy and borrow money but most of the time we borrow money because we cannot afford something so we leverage that with someone else's cash flow.

So, I would have to hear more of your situation and make a phone call, because they do not have a local office, but I think there could be a chance of working something out.

Like what has already been said, there is a big difference between NO credit history and BAD credit history, so that could come into play. You would also need a solid job history, that would go a long way if you have been with one place for a good length of time.

By no means can I assure you of anything, though I would love to take a shot for you and it cannot hurt to try. If nothing else, we can set you on the right path to homeownership.

A wise man once said, "If your ship does not come in, swim out and get it".

Now is the time to buy with rates slowly shifting upwards and home values gaining traction. Let's swim out and find this ship together. Im ready and waiting...just get a hold of me.
0 votes
David Hamm, , Peoria, IL
Thu Aug 29, 2013
My best suggestion would be to contact a local lender to examine your option
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