i have 5,000 cash, good job, etc.. but no credit score, can i still get a 14,000 loan on a homepath home

Asked by waynemitchell100, Chicago, IL Wed Sep 18, 2013

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Matt Hoyt, Agent, Highland Park, IL
Wed Sep 25, 2013
You need a credit score. Work with someone to begin building your credit.
0 votes
Melissa Goss, , Center Moriches, NY
Wed Sep 25, 2013
Nope. You will need to pay all cash
0 votes
Manuel Brown, Agent, Chicago, IL
Tue Sep 24, 2013
Sam Sharp with Guaranteed Rate I am sure will be more than happy to work with you while you rebuild your credit. Sometimes it is a process but in the end you will own your home.
0 votes
Nicholas Rad…, Agent, Chicago, IL
Mon Sep 23, 2013
Having no credit score will make it difficult to get a Home Path Mortgage, but you should get your answer from an expert. Call Art LaValle at Platinum Mortgage 847-797-9500. Not all lenders handle Home Path Mortgages, but Art does.
Nick Radakovich Home Sales Realty
0 votes
Ivan Sagel, Agent, Chicago, IL
Thu Sep 19, 2013
Hello Wayne,

At those price points you need to pay cash. Even at higher prices, most distressed properties go to cash buyers.

Best regards,

Ivan Sagel
0 votes
Matt Laricy, Agent, Chicago, IL
Thu Sep 19, 2013
Not if you dont have a credit score.
0 votes
Suzanne Hami…, Agent, Orland Park, IL
Thu Sep 19, 2013
Most lenders only give mortgage loans for 50k or above. You are looking for a personal loan. Try a community bank and/or a credit union.
0 votes
Riccardo War…, Agent, Bolingbrook, IL
Thu Sep 19, 2013
you need build a credit score....

Riccardo Wardlow
Quality Mortgage Lending


*We do Conventional loans down to a 620 score
*We do FHA loans down to a 580 score
*We do USDA loans down to a 620 score (no money down)
*We do $100 down payment FHA program
*Unlimited Loan To Value refinances on Fannie/Freddie refinances (only on loans originated before May 31st 2009
*We do VA loans down to a 620 score
*We give free counseling on what needs to be done to improve your credit score.
*We do 203k loans down to a 620 score
*We do reverse mortgages
*We do JUMBO loans to 12 million
*We do Itin loans
0 votes
Dick Post, Agent, ORLAND PARK, IL
Thu Sep 19, 2013
Your best bet is to contact a lender who can help you answer your questions and work with you on your credit score. Also, when it comes time to purchase a Homepath property, contact an agent who is experienced with Homepath's procedures.
0 votes
Bill J Delig…, Agent, Naperville, IL
Thu Sep 19, 2013
Work with a lender so that you can begin establishing credit. The combination of your income, down payment and credit will determine your ability to get financing.
0 votes
, ,
Thu Sep 19, 2013
I'm sorry but no - you will need to build and maintain a credit score of 620 or higher in order to qualify.
Speak with your bank about a secured credit line to establish credit.
Good luck
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
0 votes
Jacqueline S…, Agent, Chicago, IL
Wed Sep 18, 2013
Get a pre-paid credit card. This will help you establish credit with no risk. Pay your bills with the card. In a few months you will have credit established.
0 votes
Santiago Ken…, Agent, Chicago, IL
Wed Sep 18, 2013
You can't in this type of property
0 votes
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