How can I get a loan with no credit score and credit history?

8 Replies

Hello BiggerPockets members,  My name is Leon.

Before I tell you about my story, I will appreciate any advise you guys have.

I'm a Chinese and bought a handful of condos in Orlando FL last two years. All these condos are free and clear.

About 1 months ago My family immigrated and became a US resident here in Chicago,IL.

So far I'm looking for a  leverage to expand my portfolios.  I have a W2 job but no credit score and credit history.

Can anyone suggest me where and how could I get a loan from lender? 

I prefer the conventional loan, no interest of the high rate hard money, because buy and hold is my vision. 

Most lenders will require a credit score and history to originate a mortgage. If you’ve been in the US for at least two years and have W2 income, it’s hard to believe you don’t have a credit profile. Are you sure you’ve never taken on debt or a credit line of some sort? Can you provide more details?

Time to join the real world. Work on establishing your credit history.

@Leon Wang , you need a Portfolio (Asset-based) Lender. Yes, Interest Rate will be higher than your typical conventional loan, but, er, you're not playing by their rules (yet). Good luck...

Originally posted by @Sung Park :

Most lenders will require a credit score and history to originate a mortgage. If you’ve been in the US for at least two years and have W2 income, it’s hard to believe you don’t have a credit profile. Are you sure you’ve never taken on debt or a credit line of some sort? Can you provide more details?

     Thanks,  I just reside in the US a month ago. but I bought rental properties in Orlando two years ago as a foreign investor. 

Originally posted by @Thomas S. :

Time to join the real world. Work on establishing your credit history.

     Very true, Put real estate investing in a long perspective,

     Maybe it's better for me to consider the opposite choice. Sell my rental properties. Haha...

Originally posted by @Brent Coombs :

@Leon Wang, you need a Portfolio (Asset-based) Lender. Yes, Interest Rate will be higher than your typical conventional loan, but, er, you're not playing by their rules (yet). Good luck...

      I appreciate your info. I will try to talk with someone and see what happens. 

@Leon Wang   You should still be able to get a secured credit card or two, with a deposit you make with the banks.  So $1000 deposit = $1,000 credit line.  Search on-line, there are many lenders.  So you should be able to start building a credit history pretty quickly.

good luck!

Go to credit karma.com and get yourself a credit card, also do some research on YouTube how to credit hack lots of great easy, fast ways to get a score up and a good score quickly.

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