Home Loan

Updated on March 02, 2009
K.B. asks from Sacramento, CA
4 answers

We are currently trying to get a home loan. However we are finding it rather challenging due to the fact that my husband had no credit. I was wondering if anyone out there has been able to buy a home with no credit and how they did it. We also have 30% to put down and co-signers any help would be great.

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answers from Bakersfield on

Set an appt with a Mortgage company, like Countrywide and they will help you. I am pretty certain ya'll will qualify for a FHA loan vs. a Conventional loan. It's my understanding credit is not a considering factor with the Federal Governments plan and you get a really good interest rate. Good Luck!



answers from San Francisco on

K., my husband and I both have excellent credit scores (800+), a good combined income, and we still had a hard time finding a good rate to refinance our place. And we're weren't underwater and had the means to get inside 20% equity since our home has lost value recently. I'm just saying, you are not getting a loan without a credit history. Not happening anymore.

Do you have good credit history? One way to quickly get your husband credit history is to make him a co-owner of one of your credit cards. Don't make him an authorized user, that does NOTHING. If you make him a co-owner, he "inherits" your credit history. Whatever history you had with the card becomes reflected in his history. You have to really trust him on this though, because if he messes up with the card, your credit history tanks too.

I wouldn't worry too much about waiting a while to build up his credit history. Prices are highly unlikely of rebounding for a number of years. While it might feel like you might miss the boat, I would find safe ways to grow your money and just be patient. Even if you were to get a new card, they like a credit history of 5 years+. Hence, I suggest you make him a co-owner of a credit card, if you have a good credit history and have a history going that far back.



answers from San Francisco on

Have you talked to any loan brokers? Usually they can give you advice on how to be able to obtain a loan and steps you can take beforehand to help build credit. With all of the new restrictions on loans I think the days of buying a home with little or no credit is over. Do you have any credit cards? If not you may want to get some and start using them and paying them off to build up some credit.



answers from San Francisco on

If I were you I would wait a while and see what happens with the economy, and in the meantime, your husband should start building a credit record. Housing prices may decline even further, and there may be some good federal home buying programs in the works. I had the "homeowner" bug, too, and I bought and sold a couple of homes, gaining some hard-earned experience with the difficulties of homeownership in the process. I sold my last house one month before housing prices tanked. I am now completely cured of the homeownership "bug", and I have a good landlord who fixes the problems as they arise.

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