no credit

7 Replies

i am trying to figure out what my options are gonna be on my first property. i have no credit that im aware of. i just got a credit card that im going to just barely use so i can try to gain some credit. are there gonna be any traditional loans available to me? what if i have someone else with better credit co-sign the loan? . any help or opinions would be apreciated.

with the dive most of the mortgage companies are taking they are being more 'creative' in the types of programs they offfer.. of the top of my head washington mutual and flagstar will allow you have a co-borrower... that means you can have ANYONE sign and the bank will use they're credit score and profile to determine interest rates etc. you go on title as well and the mortgage goes on both of you all credit... wait 12 months (your credit should be up to par now)and for the title to be recorded refinance and have your friend taken off title, qualify for a new mortagage and walla!!!

Good suggestion Whytehouse.

There is also the more creative "subject to existing financing" strategies, or lease option strategies. There are tons of pre-foreclosure situations that would be happy to have you take over their payments. You just have to know how to do it properly.

No credit doesn't mean no deals to be done!

getting a very strong co signer can work with an fha loan as long as everything else works. that does not mean you should just hope for that route though. you should still take the steps to repair or for you...create a good credit file

This only applies if it is primary residence financing---a co-borrower might not be needed as FHA is traditional not a credit score driven program...

Regards,

Scott Miller

Originally posted by "joelr710":
getting a very strong co signer can work with an fha loan as long as everything else works. that does not mean you should just hope for that route though. you should still take the steps to repair or for you...create a good credit file