i want to buy a house but i have no established credit
2007-05-24 07:07:35 · 5 answers · asked by brenb357 1 in Business & Finance ➔ Personal Finance
It will be very difficult to do with that credit score. What i would suggest would be to go after an FHA loan. Its for first time home owners, and it gives you a lower interest rate. It will help you build your credit. You might need to have a co-signer, and a healthy down payment to actually get approved but after two years of making the payments on time you should be able to refinance into a traditional loan by yourself without a co-signer. Help things work out for you! Goodluck!
Oh yeah, another way is if you were in the military there is a similar loan called a VA loan. You might want to look that up also
2007-05-24 07:23:59 · answer #1 · answered by ? 2 · 0⤊ 0⤋
You won't get a very decent mortgage with a credit score that low. Work on improving your credit score because even if you wait a year (or two) to improve your score, you'll save thousands on interest. The reason the current subprime market is hurting so much is because people overextended themselves. Don't overextend yourself.
Good Luck!
2007-05-24 08:05:18 · answer #2 · answered by Blicka 4 · 0⤊ 0⤋
You say you have no credit history? I think you do, because you have a score of 525!
2007-05-24 07:22:43 · answer #3 · answered by jerry m 3 · 0⤊ 1⤋
With that credit score, will be difficult unless you have a cosigner with good credit or a huge down payment.
2007-05-24 07:13:42 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
To start with; you may go through a third rate bank ; with high interest for a yr or two and once you have the checks to show that all your payments were on time ; you may refinance through a regular bank. I ' ve done it twice.
2007-05-24 07:20:46 · answer #5 · answered by curious 1 · 1⤊ 0⤋