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I don't have any credit history, but can put 50% down. Will that work?

by lenny133 from Ambrose, Georgia. Aug 10th 2016 Reply

William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

More info needed, but in general.. yes.. there are lending programs that do not require a credit score to get approved.. FHA will allow for "Alternative" credit references.. Rent payments made to a apartment complex or paid through autopay within your checking account will work.. utility payments, cell phone payments, cable bill.. auto insurance payments.. even regular payments into a savings account can be used as a reference.. But this I will say.. rarely do we see someone with ZERO credit on their report.. unpaid medical bills, collections, charge off's, judgments, etc... If you have had any of these issues in the past, you have a credit profile.. and it's probably bad.. In all reality, if you really want to know for sure if you can qualify, you need to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. If there is a credit profile, they will see it.. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. Also, if it turns out that you cannot qualify now, then the broker is experienced in helping you get approved in the future.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 NMLS# 226347

Aug 10th 2016
Scott Fix (ScottFix)
#1346 ranked lender in California - 184 contributions

William nailed it. Find a local lender/loan professional to guide and advise you with a the loan process who has a reputation of great client service. All the best, Scott.

Aug 11th 2016
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