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bret · Joined: 05 Jul 2008 Posts: 12 4.28 Dollars($)

First Time homebuyer no credit, no doc, no FICO can a purchase take place

Is it possible for a first time home buyer to purchase a home, no credit, no doc, no FICO score, can a purchase take place?

sweeney · Posted: Tue Aug 05, 2008 7:11 pm Post subject:

I don't know of any lender who would do that one right now and probably not for a very long time to come. Your best bet will probably be to go FHA down the road. But that is a full doc loan.

smckaybiz · Posted: Tue Aug 05, 2008 7:30 pm Post subject:

Agreed. You really need to come up with a plan to build a credit score for yourself. If you have no credit at all you might be stuck with applying for a secured credit card where you put some of your money down as collateral for a line of credit. Yes it's just like spending your own money but in a way that will help you to establish your credit. Usually after you've made on-time payments for 6mnths to a yr you can get your deposit back and be upgraded to an unsecured credit card. There are also a lot of auto dealers that will work with people that have no credit. Just some options to consider...

Best of Luck

brian1 · Posted: Tue Aug 05, 2008 8:59 pm Post subject:

No fico yes with non traditional tradelines
No employment no income NO way

You have to have 2 years employment and income with a good debt to income ratio.

Good Luck
B

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