I don't have any credit how can I go about getting a home loan?

Question

My credit score is "0" and i have 2 collections that show up but I've already paid for them, what ca I do?

Answer 1

Yeah, I agree with everyone else, that is a tough one. Getting a mortgage is going to be very hard for you on your own. You would need to have a very strong cosigner or joint applicant on a mortgage loan with the type of file you have right now. You should probably continue to rent for now and try to build some new credit buy opening a small credit card and making good, on time monthly payments. Even if it's say like a department store credit card, apply with a joint applicant. Then make one purchase a month and pay it off on time every month. This way you are building credit but not paying interest. After a year or so, you can request that the company you have the credit card with reevaluate your credit to remove the joint applicant and make the account an individual account so that you can show some individual credit. With your credit file, you do not, under any circumstances, want to be past due with any new credit that you open.

Also, keep in mind that your collections will stay on your credit file for 7 years from the date of delinquency. Good Luck to you!

Answer 2

In todays lending environment I would say almost impossible for you to get a mortgage.
With that type of credit file, do you have the income or job stability to afford a house? You could make lots of money, but in most cases the credit file matches the age, income, employment history, etc of the person.
If you have a down payment and can afford the house, maybe you could get a cosigner, of look for someone willing to carry back a mortgage on the property for say at least five years. But all those options carry certain risks, which you may not understand.

Answer 3

Home loans are now available to many people for whom they would have been out of the question just a few years ago. You’d be in much better shape to bargain for better interest rates if you had a more impressive credit history, but if the house you want is the deal youinterest rates, get bigger returns on the money loaned, and the borrowers get a homes in which to build equity, and chances to restore their credit records so that the first bad credit home loans they take will also be the last!

Answer 4

You now have a credit report. two collection although paid will be on your report for 7 years. The only way is with a good percentage down plus closing costs. Or listen to the sharks and join what is happening to millions of people who did and are now in the process of foreclosure

Answer 5

With today housing market as bad as it is, yo probably will not get one. Truthfuly if I had bad credit I would get an apartment until I fixed my credit because even the subprime market is good these days.