Hello, I have a small inheritance for my first house purchase, but I have no credit (no credit cards for 15 years). How much more interest do I have to pay if I had good credit? Is it possible to get a loan? Thank you.
No credit score loans are possible, but as you noted, the rates are not nearly as good. If you have a family member or someone with good credit, a lot of people often try to get added as authorized users to their accounts. You can also apply for 2 or more credit builder cards (these often have low limits, and are a great way to quickly boost and build credit).
Hello, I have a small inheritance for my first house purchase, but I have no credit (no credit cards for 15 years). How much more interest do I have to pay if I had good credit? Is it possible to get a loan? Thank you.
That's a pretty broad question actually. If you are using a bank, they will want a down payment, a credit report, proof of income, an appraisal and a pound of flesh. Seriously though, they will want additional details.
There are hard money lenders who don't require all of that data but they want you to put down 30% of the money to buy and they will provide 70% at a high interest rate. It's intended for non-owner occupied properties, so you might not qualify.
It's a little about where you are in life and what you want to accomplish. But, we are always available to take a phone call and point you in the right direction.