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I have no credit history, but I have the income and the job. Is there anyway I can still buy a home without credit history?
I'm looking for homes near Gilbert or Queen Creek, AZ - and I have found some that are around $100,000. I can definitely afford that without any problem.
Alas, with the banks the way they are these days, it's doubtful.
Even a few years ago with all the liar loans, one still had to have credit history. What didn't matter so much then was whether it was good or bad credit; "one day out of bankruptcy? you can buy a house!"
Talk to a few local mortgage brokers and see what they can offer you. It's possible that you might start out with a loan a point or 2 higher than what someone with a FICO of 800 and all the other qualifications might get, but after a few years of good payment history, be able to re-fi to a lower rate. Alternative loans have always been out there for people lacking good credit (or any credit) - the problem began when people with poor credit and unverified income were given (yes, given) loans that they could not possibly keep up with for very long. You could probably get a loan with dismal credit if you wanted to pay the interest they required of you!
Find out some concrete options available to you and see if you can make something work for you. What's the price; can I pay for it; what's the sacrifice to get it; can I live with myself after answering #1, 2 and 3. There ya go.
I have no credit history, but I have the income and the job. Is there anyway I can still buy a home without credit history?
I'm looking for homes near Gilbert or Queen Creek, AZ - and I have found some that are around $100,000. I can definitely afford that without any problem.
Thanks for your help,
Ryan
Absolutely you can. Credit is not needed to buy real estate.
I suppose everyone interpreted your question as "is there any way you can finance a home purchase?"
Absolutely you can. Credit is not needed to buy real estate.
I suppose everyone interpreted your question as "is there any way you can finance a home purchase?"
Actually, I do not have 100,000 in cash right now...
Thanks for all of your help. So far, i have been told that I have to have credit history and that it can take anywhere from 12-24 months to establish it. Looks like I may be renting for the next couple years or if anyone has any other ideas, please let me know. Thanks for all of your help.
im in a similar boat, i have EXCELENT credit...just not enough of it, 2 credit cards over 4 yrs old with never a late payment (and currently paid in full) isnt enough, they need 12 months of rent checks...
since i rent from my parent ive been paying them via cash, and electricity was included...so no utilities for proof either... so i had to start handing my mother a check every month just so i can establish that 3rd credit history line...seems a little silly to me, but thats what they want.
my advice, establish 3 different lines for credit verification, rent CHECKS (never pay cash) have at least 1 utility bill in your name (i was told a cellphone bill woudl also work (but i dont have a cell lol) and a credit card which you want to keep active with a LOW balance, paid on time every time. i like to put $50 a month on the one regular credit card each month then pay it off in full at the end of the month...
ive been told by multiple banks they want 3 different sources of credit history just as much as they want to see that good score.
good luck, its quite frustrating, especially when you see a home you think would be perfect and then have to pass...
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