No Credit Lender

[john_jaxs]

Anyone know a lender that accepts people with no credit (in the New York area)?

[teamgreene]

You can usually work something out with a good mortgage broker. However, nothing in life is free. If you have no credit or bad credit, you will need a bigger down payment and you'll get a worse interest rate. At the very least, you will need to be able to document that you are employed and make enough money to pay the mortgage. Even then, there's still no guarantee. If you're ex military or a first time home buyer, there are programs available to help.

[john_jaxs]

All the companies that I have contacted wanted people with bad or good credit and wouldn't accept someone with no credit, so if you know any that will please tell me, also this would be my first time buying a home.

[TJ2007]

There are a couple programs out there for people with no credit score. Guess the biggest question in determining what is best is why you have no credit? Military? Age? Foriegn National? etc...
Some programs will also accept what we call 'Alternative Credit Lines' - that is proving you have made rent payments, insurance payments, cell phone, utilities etc...
Would love to help if possilbe, but need more info...
Do you have an idea of the price range you would like to be in? and how much you are willing to put down for a downpayment & closing costs?

[OregonLO]

TJ said it best. You can use alternate credit. Rent can be used if you pay a property management company or if you pay with a check every month. At times your cell phone or utilities can be used. You're best bet is to go spend $500 for a secured credit card from a credit union. put a SMALL balance on it. Like $100 and then pay it off over a 3 month span of time. That will at least get you a credit score going. I have companies that have no tradeline requirements meaning you don't have to have ANY credit cards, or car loans....etc.

my email address is in my signature, you are welcome to email me and I can help you get some ideas going.

[john_jaxs]

Reason for No Credit is Age (I am 20), I have paid utilities bills, cell phones bills, cable bills and rent.

"Do you have an idea of the price range you would like to be in? and how much you are willing to put down for a downpayment & closing costs?"

The price range would be $200,000.00 and downpayment would have to be low, $2,000.00 or lower, closing costs also have to be around that limit or under.

[TJ2007]

John,

Sounds like you should have some good alternative credit. Oregon LO is correct that obtaining a secured credit card will help though not sure what your timeline is.

Sounds like you are a little low on liquid cash, though I have seen people get in with zero out of pocket...buying with that little cash is possible but will likely need a flexible seller who is willing to contribute towards your closing costs.

To help you further would need to know more about your whole situation - which you shouldn't post here...

Please email me, and I will see what I can do for you