Looking for a mortgage

@meholl (510)
United States
April 18, 2007 6:26pm CST
While we don't have much saved up, we are looking for a mortgage that can work with the fact that we have no credit score. We are looking at a house that is less than 2 times our income, it will appraise for asking price. Most of the money we have set aside will go to closing costs. Anyone know where I could get a mortgage with no credit score and a low down payment.
1 response
• United States
7 May 07
You should find a mortgage broker in your area. let the mortgage broker find the lender for you. i work in this field in maryland, dc, and va. A few questions for you that a broker or even a lender will want to know....how much of down payment can u give, do you have seller help, do you have any assests at least 2 months reserves in the bank. As far as credit wise most lenders will let you use alternate lines of credit..like phone bills, car insurance, or anything in your name with a 2 year payment history.
@meholl (510)
• United States
7 May 07
Thanks for your answer. We found a house, have 10% down, but credit is still a problem. We want to buy the house together. I have a FICO score, but I am stay at home mom, he has no FICO score, but makes a very good income. Beings that we moved just over a year ago, we have not established a 2 year history where we are and had to switch alot of services, which once were in his name or mine, and some utilities are in my name or his name, but not jointly. Any other suggestions????
• United States
7 May 07
your husband and your husband can still qualify for a mortgage..even if you are a housewife.you can also do the loan in his name and just have your name added to the title..what state is the property in that you are wanting to purchase... as far the alternate trade lines as long as your husbands can be verified if need by the lender he should be fine...even when it comes to rental history.... it just depends on the lender...and wether or not his income is enough to support the mortgage...