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Can we get a mortgage?

Posted on: 27th Jan, 2014 01:18 am
My husband and I are planning to buy a home. We have around 50% down payment saved for the property that we are interested to buy. However, we do not have credit. Can we get a mortgage?
If you do not have a credit, it will be difficult for you to get a mortgage. This is irrespective of how much down payment you have saved.
Posted on: 27th Jan, 2014 01:44 am
Have you pulled a credit report? When you say no credit - you have never bought a car on credit? Had a Credit Card? Made payments on a loan? Any of those items would show on a report even if paid off.

If not you will have trouble getting a traditional mortgage however with 50% down you may be able to get a private money loan - these are private loans based on equity position - the more you have in the more likely you are to find a lender keep in mind these loans are expensive and have very higgh interest rates

Good Luck
Brian Barnes
ENG Lending
Nationwide Lender
Posted on: 27th Jan, 2014 08:57 am
With no credit, getting a mortgage loan is perhaps impossible. First establish positive credit history and then think of taking out a mortgage loan.
Posted on: 27th Jan, 2014 08:44 pm
Without credit, you will not be able to get any mortgage. As such, you will have to take the necessary steps to build your credit score. Only then you will be able to qualify for a loan.
Posted on: 28th Jan, 2014 01:53 am
Both FHA and conventional loans have mortgages available based on verification of Non-traditional credit.

This can be done if you have absolutely no credit history at all.

You document that you paid bills due on time that are paid monthly or quarterly--rent, home and car insurance, utiliity bills, telephone bills, cable bills, etc

There are lenders who lend when you have at least one credit score and can get an automated underwriting approval.
So, maybe get one credit card right now and see if that works.

You have a 50% down payment, so, you should be looking at conventional, not FHA moragges.
Posted on: 29th Jan, 2014 11:12 am
You can build credit fairly easy, even applying for a store credit card and paying it on time will build some credit. That is what worked for me when I was trying to repair my credit.
Posted on: 25th Feb, 2014 10:43 am
You can build credit fairly easy, even applying for a store credit card and paying it on time will build some credit. That is what worked for me when I was trying to repair my credit.
Posted on: 25th Feb, 2014 10:44 am
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