If you’re thinking about buying a home but you don’t have any credit history, your options are limited. Here’s what you need to know.
Can You Buy a Home With No Credit?
Having no credit at all can be as difficult to overcome as having bad credit when you want to buy a home, so what can you do?
Lenders look at your credit score when they’re determining whether to lend you money by way of a mortgage, so if you don’t have one, you probably need to start building credit. However, you should talk to a lender first – find out what that lender requires. Several factors come into play when it comes to borrowing, including how much money you’ll put down. Your lender may say that if you apply for a mortgage jointly, provided your co-borrower has a decent credit history, that you’ll be fine.
Otherwise, you may need to start building a credit history for yourself.
For many people, that means opening a secured credit card and taking out a secured personal loan. (Creditors don’t typically lend to people with no credit history, either, so secured is often the way to go.)
Are You Looking for Homes for Sale in Tampa’s Suburbs?
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Call us at 727-584-8480 or 813-961-6000. If it’s easier, get in touch with us online. We’ll begin searching for your new home right away.