Comments on: How to mortgage a home with no credit history? http://www.writefinancial.com/26/how-to-mortgage-a-home-with-no-credit-history/ Articles all based around the subject of personal finance Tue, 27 Dec 2011 17:36:14 +0000 hourly 1 http://wordpress.org/?v=3.1.2 By: Max http://www.writefinancial.com/26/how-to-mortgage-a-home-with-no-credit-history/comment-page-1/#comment-1321 Max Sat, 06 Feb 2010 11:36:40 +0000 http://www.writefinancial.com/26/how-to-mortgage-a-home-with-no-credit-history/#comment-1321 creditreport.imess.net - try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate. creditreport.imess.net – try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.

]]> By: A http://www.writefinancial.com/26/how-to-mortgage-a-home-with-no-credit-history/comment-page-1/#comment-1320 A Fri, 05 Feb 2010 00:08:21 +0000 http://www.writefinancial.com/26/how-to-mortgage-a-home-with-no-credit-history/#comment-1320 For some people 20% is a lot to put down. There are many instances where the parents could help out. They can sign onto the mortgage as a guarantor. After one year they can be removed from the mortgage through a lawyer. Lenders want to see that you are good with credit prove your responsible and lenders will have no problem with you in the future. There are many times a guarantor is needed for younger professionals without any credit history. Speak to a mortgage broker they can help you. The slow way is to get a credit card from your bank and start using it. Make sure your payments are on time and in 3-6 months you will start seeing your score. Typically, you need 1 or 2 open lines of trade (credit card, line of credit, personal loan) to get a higher score. Make sure you make your credit card payments right away and try not to carry any balances over to the next month. Keep your statement balance at $0 while using your card regularly For some people 20% is a lot to put down. There are many instances where the parents could help out. They can sign onto the mortgage as a guarantor. After one year they can be removed from the mortgage through a lawyer. Lenders want to see that you are good with credit prove your responsible and lenders will have no problem with you in the future. There are many times a guarantor is needed for younger professionals without any credit history. Speak to a mortgage broker they can help you.

The slow way is to get a credit card from your bank and start using it. Make sure your payments are on time and in 3-6 months you will start seeing your score. Typically, you need 1 or 2 open lines of trade (credit card, line of credit, personal loan) to get a higher score. Make sure you make your credit card payments right away and try not to carry any balances over to the next month. Keep your statement balance at $0 while using your card regularly

]]> By: Robert http://www.writefinancial.com/26/how-to-mortgage-a-home-with-no-credit-history/comment-page-1/#comment-1319 Robert Mon, 01 Feb 2010 13:05:10 +0000 http://www.writefinancial.com/26/how-to-mortgage-a-home-with-no-credit-history/#comment-1319 It's going to be awfully hard, but if you can supply a 20% down payment, and prove your income with tax returns, you have a very good chance. Good luck! It’s going to be awfully hard, but if you can supply a 20% down payment, and prove your income with tax returns, you have a very good chance. Good luck!

]]> By: reenzz http://www.writefinancial.com/26/how-to-mortgage-a-home-with-no-credit-history/comment-page-1/#comment-1318 reenzz Fri, 29 Jan 2010 17:31:22 +0000 http://www.writefinancial.com/26/how-to-mortgage-a-home-with-no-credit-history/#comment-1318 You would need a credit score of at lease 620 in order to qualify...plus a down payment of 10%-20%. Without credit, the lender may be willing to accept a co-signer with established credit. You would need a credit score of at lease 620 in order to qualify…plus a down payment of 10%-20%. Without credit, the lender may be willing to accept a co-signer with established credit.

]]> By: Beverly S http://www.writefinancial.com/26/how-to-mortgage-a-home-with-no-credit-history/comment-page-1/#comment-1317 Beverly S Wed, 27 Jan 2010 07:41:21 +0000 http://www.writefinancial.com/26/how-to-mortgage-a-home-with-no-credit-history/#comment-1317 FHA has a no score program, but no investors are buying them so it is very hard to do. With the no score program we use things such as light bills, water, rent etc as credit. However, since most mortgage companies end up selling your loan to an investor most investors are not buying these loans now they are rarely getting done these days. FHA has a no score program, but no investors are buying them so it is very hard to do. With the no score program we use things such as light bills, water, rent etc as credit. However, since most mortgage companies end up selling your loan to an investor most investors are not buying these loans now they are rarely getting done these days.

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