Asked by housecleaning460  |  Submitted May 06, 2016

I need help securing a home loan because I do not have a credit score at all. How can I qualify for a loan?

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  Answers  |  3

May 06, 2016

Our guidelines at Supreme Lending state we do not need to have any active tradelines but need two credit scores. One option is to open up three credit card accounts and begin to establish credit. Additionally, you will want to keep the balances paid below 30% of your credit limit. For example, if the credit limit is $1,000 you would want to keep the balance below $300 to get the biggest boost on your credit score. Lastly, this would only be the first step. A good debt-to-income ratio and documenting your income are the next steps in the pre-qualification process. Hope this helps.

$commenter.renderDisplayableName() | 09.21.17 @ 15:47

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May 06, 2016

There are 2 types of financing:
1) Equity - for business owners
2) Debt - for consumers
There are advantages/disadvantages to both. What do you have to work with? Have you considered renting or looking at a rent-to-own property? There are many options. The most important thing is to do what is in your best interest.
I am not a proponent of creating debt in order to have more debt in hopes of being able to afford more. Hope is not a strategy, and how much debt must you incur before you can afford to pay the initial debt? This usually does not end well for the one trying to get out of debt.

Feel free to contact us directly for more information on your situation. We also have lots of no cost educational material on investing. No obligation.

It's not what you make, It's what you keep that determines your lifestyle.

$commenter.renderDisplayableName() | 09.21.17 @ 15:47

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May 10, 2016

A credit score is not required for a home loan. FHA, VA, USDA and Conventional loans all allow manual underwriting of borrowers with no credit scores. You will find it very hard, however, to find a mortgage lender willing to do Conventional without automated underwriting but my company, like most others, offers manual underwriting for borrowers with no scores on all the other loan program options.

$commenter.renderDisplayableName() | 09.21.17 @ 15:47

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