No Credit? Think FHA!
March 19, 2008 by Eleanor
Filed under FHA Mortgage Loans, First Time Home Buyer
Students are studying their way through college – not building credit…
Once you have a job, and you want to purchase a house, how do you create credit?
FHA allows mortgage lenders to accept loans from those who do not have a credit score. We are required to “build credit.” This means that we need to verify alternative credit that you’ve paid. We will need at least 4 alternative sources – and they can include:
- Rent (keep your cancelled checks!)
- Insurance
- Cable
- Telephone / mobile bill
- Electric Bills
For this reason – you want to have the leases in your name – or make the payments for your portion of the bills directly to the utility company. Start now keeping records – you’ll need at least 12 full months of credit history – even from an alternative source!
Contact the FHA Experts to get pre-qualified for a mortgage in Cary, Steve and Eleanor Thorne, 919-649-5058
anybody here know of a good site to find more info on no credit? I\’ve got this site bookmarked and im gonna keep checking it out, but i still would like to find a site that covers no credit a little more thoroughly..thanks
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I have to say, that I could not agree with you in 100%, but it’s just my opinion, which could be wrong.
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