no credit, want to buy a house

[kimmykng]

hi. i just moved here from out of the country and i've got no credit history. i want to buy a townhouse instead of rent.. will i be able to find lenders? any suggestions on how to go about it?

[DigDoug]

You might want to try www.creditboards.com. They have a bunch of lenders there that can answer questions about this.

Be careful about what you post.... they are quick to ban over there. Heh.

[kranky]

You mentioned you just moved here to the US. You should know that a lot of areas have had very large increases in housing prices over the last few years, and now that interest rates are climbing a lot of properties are being sold. I would not be in a hurry to buy as there are many areas where you can rent a townhouse for a lot less than the mortgage payment.

Of course, you have to decide for yourself but please go slowly and make sure you aren't buying something that's going to go down in value as more homes are put up for sale.

[mugs]

You might want to try www.creditboards.com. They have a bunch of lenders there that can answer questions about this.

Be careful about what you post.... they are quick to ban over there. Heh.

And don't dare try to help people make sound financial decisions, that doesn't fly over there. Advice on how to work the system to screw your creditors is all they allow. :mad:

[DigDoug]

And don't dare try to help people make sound financial decisions, that doesn't fly over there. Advice on how to work the system to screw your creditors is all they allow. :mad:

This man speaks the truth. Their motto is "Bankruptcy is your friend". :P

[mrn8]

This man speaks the truth. Their motto is "Bankruptcy is your friend". :P

Exactly why I rarely read that forum. It was ok when I was feeling horrible about my credit, because I looked so good. Now that I understand how to improve my credit the legit way and NOT declare myself bankrupt, I know they are all fools.

[stingygrrl]

I don't know why anyone would think that if they have no track record, but want to borrow hundreds of thousands of dollars, that someone should make the loan?? I don't even understand why you're asking this question?

Sorry; if I were the banker, I'd deny the loan with no credit history. No negotiations.

[Vic]

If you have absolutely no credit history and thus no reportable FICO score, your only real option for purchasing a home is through an FHA/HUD program and the use of alternative credit documentation (i.e. a history of utility bills, rental history, etc. in your name that have been paid in a perfectly timely manner).

[inogenius]

And don't dare try to help people make sound financial decisions, that doesn't fly over there. Advice on how to work the system to screw your creditors is all they allow. :mad:
No doubt about that. The people who follow their advice usually are the ones that get even further in the hole in the long run though. Being in the industry I'm in (The company I work for does a lot of collections work) I've laughed pretty hard at some of the "advice" given there.

[able]

i would ask your real estate agent they might be able to refer you to a few that they knwo will be able to help you...most wont want to waste thier time if you cant get the $

[Vic]

No doubt about that. The people who follow their advice usually are the ones that get even further in the hole in the long run though. Being in the industry I'm in (The company I work for does a lot of collections work) I've laughed pretty hard at some of the "advice" given there.
Yes, I am definitely NOT a fan of creditboards. Cheating the system is never good advice. The best credit advice is to borrow wisely and pay your bills on time. Treat credit like a game and it is a certainty that it will be a game you cannot win.


About credit inquiries: under FCRA legislation that went into effect in 1999, a consumer can have an unlimited number of mortgage industry inquiries on his/her credit report within a 14 day period and the effect on his/her credit score will be as if only one inquiry was made. The same applies to auto industry inquiries. This was designed to give consumers a window of opportunity to shop around without causing a negative effect on their credit.

[labgeek]

Personally over there I liked this...


Welcome to CreditBoards!

Please begin by reading the rules of the forum and some posting tips (read only, no questions here):Board Rules, Tips and Tricks

And then if you click the link before becoming a member you get told "Sorry, but you do not have permission to use this feature." So what's so secret about the rules? #1 rule of creditboards... never speak of creditboards.

[DigDoug]

Personally over there I liked this...



And then if you click the link before becoming a member you get told "Sorry, but you do not have permission to use this feature." So what's so secret about the rules? #1 rule of creditboards... never speak of creditboards.

And you can't PM over there as a newbie either. When I was on my way of getting banned, one of the admins told me to PM them if I had a problem with their decision. LOL.