if me & my husband have absoulutely no credit. what would we need to get a house? we would have more than enough for a down payment.

Asked by Dbirrueta93@gmail.com, Tue Mar 19, 2013

we are 20 years old. both have excellent jobs. currently reside in Houston but are looking in moving back to our hometown san benito, texas.

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Zack King, Agent, Calabasas, CA
Sun Mar 31, 2013
You probable have some credit history from past credit cards or rental all of that will enable you some type of credit history. Having a down payment will greatly help however you should meet with a loan officer to see what amount you can get approved for.

Zack King
01882407
Keller Williams Estates Calabasas
(818) 825-7388
Zking1@live.com
http://www.PetPlanetRealty.com
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, ,
Tue Mar 19, 2013
Can you verify rent for on time payments for one yr with a leasing company?
Can we get letters of credit from cable bill, electric bill, ect

If so, then I can help you.


Tom Burris
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Don Groff, Agent, Austin, TX
Tue Mar 19, 2013
Hello,

Your first goal is to establish credit as you will not be able to obtain financing without it. The good thing is that is pretty easy. If you are unable to qualify for a credit card or personal loan you can get a secured credit card and loan with a bank.

Her is what you want to do. Got to your bank or a bank and deposit money with them in a CD. Use this money as security on a credit card and an installment loan. Most lenders will want at least 3 active trade lines that are at lease 12-24 months old so you need to do this right away.

The important thing is to make sure you make your payments on time always as should go without saying. The second thing is on your credit cards to get the maximum benefit you never want to charge over 30% of your total available credit limit. So if you have a credit card with a $1000 balance never charge over $300. It does not matter if you pay it off in full every month (but you should to avoid interest charges) just keep it below the 30% threshold so you can get the maximum impact on your credit.

Almost as soon as you open these accounts you will have established credit and a credit score that could be very high, like in the 700 plus range. Next you should speak with a lender or lenders and find out what you need to be approved. For example, how long the trade lines need to be before you could be approved for a loan etc.

I hope this helps but if you do this you will be in a position to buy a home in the next year if you are careful not to do anything that would hurt your credit during that time. In a year or so you will also most likely be able to convert those secured credit cards into real credit cards but always remember to use your credit responsibly as you can do a lot of damage quickly that can take many, many years to repair.

Best of luck to you.

_______________________________________
Don Groff
REALTOR® & Mortgage Broker
Austin Real Estate Pros | 360 Lending Group
office: 512.669.5599 mobile: 512.633.4157
http://www.AustinListed.com | http://www.360LendingGroup.com
listings@dongroff.com
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