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No credit but we have 10% down payment

Found a house that we want to buy. i have no credit and my husband has one car paid off on his. We now have $0 debt. Can we get an FHA loan? by hopesierra087404 from Rainsville, Alabama. Jun 1st 2017 Reply


If you pay any utilities or insurance. You can text me or call 205-495-0313. Thanks

Jun 1st 2017
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Stanley Lindsey (lindseys@ffbf.com)
#289 ranked lender in Florida - 4 contributions

You can! We allow the use of alternate credit let cell bills, auto insurance bills to establish a credit history and you 10% down helps build the case about your financial responsibility. give me a call 850 381 2114 Stan Lindsey nmls 203006

Jun 1st 2017
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Tom Lewis (Tom@thamesjackson.com)
#15 ranked lender in Alabama - 15 contributions

There are programs available for no credit and/or limited credit that will allow up to 96.5% financing (if you have no score) and down to a 530 mid score if a score is present with loan amounts up to 90% of the purchase price or appraised value (lessor of the two). You would need to be able to provide non-traditional credit, which is payments that you have made on accounts that do not report to the credit bureau's. Such as electric, insurance, buy here pay here outlets, etc. These accounts most be currently open and be able to verify a 12 month pay history (paid as agreed). You would also need to verify your last 12 months rental history (via canceled checks or money order receipts if renting from a private individual). The programs mentioned offer very competitive interest rates as well. If you should have any questions, please don't hesitate to contact me anytime. 251-609-3770.Thanks and hope your day goes well!

Jun 1st 2017
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,524 contributions

Maybe... You have the potential option of using what is known as 'alternative credit' under the FHA loan guidelines. This isn't automatic, and you'll have hoops to jump through. But it is worth a try. Contact a local mortgage broker in your area for assistance.

Jun 2nd 2017
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,930 contributions

Possibly.. but we would need to look at the complete loan profile to determine. I've only seen one time in my career that a person had "Zero Credit" showing on their report.. and it was someone who had recently gone through a name change.. other than that, there is a profile on everyone.. but there might not be enough info to produce a credit score.. So long as one of you have a credit score, and assuming it's sufficient for qualifying, and you meet all other eligibility requirements, then yes.. it's very possible you can get an FHA loan.. but without looking at the complete loan profile, it's impossible to say.. The best advice I can give you is to contact a mortgage bank/broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with a Banker/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 banker/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 big box banks. I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Jun 2nd 2017
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