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I am a college student with no credit and my husband little credit. How do we buy a home when we don’t have credit? I know there are some options but where do we find someone who can help us find the options and actually get home?

5 Thoughts on How do I buy a home without credit?
  1. Reply
    July 27, 2011 at 12:00 am

    Either cash… Or rent with option to buy.

  2. Reply
    July 27, 2011 at 12:20 am

    The only option is to have someone with great credit co sign the mortgage loan

  3. Reply
    ibu guru
    July 27, 2011 at 12:55 am

    If you do not have money PLUS good credit, you do NOT buy a house. Not anymore. You both have to work, save up at least 20% down, plus closing costs, plus 3 – 6 months of reserves, have at least 3 years track record on the job, credit scores of 680 or better, etc. The days of Liar Loans, low-down payments, and poor-credit homebuying are long gone.

    Rent-with-option to buy is not possible unless you have good credit, large deposit plus the option money (typically $ 10,000), good credit, and excellent references from your landlord. The most time you would have to get a mortgage and exercise your option is 24 months, and you are not going to have your 3 years track record on the job even if you just graduated and are starting a job now.

  4. Reply
    Caveat Emptor
    July 27, 2011 at 1:10 am

    There are no options unless you can pay cash. You’ll have to take the time to gradually develop good credit histories, save up for a down payment and have adequate income.

  5. Reply
    July 27, 2011 at 1:49 am

    I would suggest you rent and get a credit card to build your credit. Start saving up for 20% of a down payment and pay your credit card on time. Otherwise, unless you have all the cash now, I would not recommend buying a house.

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