In Texas
2007-10-12 15:17:16 · 6 answers · asked by Kingston's Mommy 4 in Business & Finance ➔ Renting & Real Estate
Yes, with a very good and stable income and a huge down payment (or without any conditions, if it's all cash.)
2007-10-12 15:24:58 · answer #1 · answered by REALTOR 3 · 0⤊ 1⤋
YES, and you can qualify for up to 100% financing. You have to use "non-traditional" credit, usually 4 bills. You would show 12-24 months of good payment history on bills like:
Cell Phone
Utilities
Insurance
Rent (proven with canceled checks or money orders)
Things like that. You would apply for what is known as a "manually underwritten loan". The loan is offered by Fannie Mae, Freddie Mac, FHA, & VA.
Having no credit is the exact same thing as having excellent credit when it comes to getting a mortgage. These loans are only available though if you truly have NO credit (no credit score, VERY small collections like a medical bill).
Hope this helps!
2007-10-12 17:57:54 · answer #2 · answered by Shawna Marie 3 · 1⤊ 0⤋
I bought I house without established traditional credit. All I offered to the table was a steady job of 7 years, 15% down, tax returns. Try first time homebuyer loans. Maybe requirements have changed from years ago.
2007-10-12 15:26:34 · answer #3 · answered by skycat 5 · 1⤊ 0⤋
Yes, Absolutely! What you are looking for is a no doc(ument) or low doc(ument) mortgage. You should call a well established reliable bank. Tell them your situation. If they can not offer you one, ask for a recommendation. They should be glad to give you the name of another bank or mortgage institution. You will pay a higher interest rate, but after X amount of years of good payments you can refinance at a better rate. Move quickly!!! With the current housing situation these institutions may be tightening their belts on these offerings. (P.s ~ start with Washington Mutual)
2007-10-12 15:47:44 · answer #4 · answered by gervoi 3 · 0⤊ 1⤋
All of the answers were good, but they left out the fact that if this is your first home you likely qualify for additional programs that were created for first time buyers.
First-Time-Home-Buyer-s.com has a state by state listing of all the programs available.
Good luck!
2007-10-13 01:52:02 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Sure if you have the cash. ;-}
If your question is really can you get a mortgage, probably not with no established credit - might be able to with a cosigner.
2007-10-12 15:21:56 · answer #6 · answered by Judy 7 · 0⤊ 1⤋