Has anyone gotten a home loan with no credit?

Question

I hear that no credit is okay because it’s not good or bad and my husband has credit in the high 500’s credit karma says 600+ thoo

Answer

For a home loan probably not because they want to see you have a history of paying on time. It’s unlikely given you have none and his isn’t good.

Answer

In my experience no credit is considered bad credit, but that was with renting and credit cards, not buying a house. That low of a credit score will not be to your benefit but there are programs you can look into and fha loans etc

Answer

I had a really good credit score, but since my credit history was less than a year, I got denied for a mortgage. No credit is bad credit. Also, 500’s isn’t that high. You guys should definitely look into how to build credit for a couple years. Your credit history impacts the rates you get in a mortgage, so better credit saves you tons of money

Answer

You do not need to have credit history, but then you need to find a lender that does manual underwriting.

Answer

No. You have to have a credit history. Credit Karma also is not accurate. They don’t take into account all parts of a FICO credit score combined and they use an outdated version as well. A 500 score is not likely to get you approved, especially with a lack of history. Loan companies are looking for a history of on time payments, proof you can make those payments, how much debt you have and your ability to pay off that debt, assets if you have any... If you don’t have a history or your score is super low, it does not show them you’re capable of paying them back. There are certain programs that allow lower credit scores, but there is still a minimum score they can accept and you still need a history to show. 
Best recommendation is to consult a professional and try to get pre-approved, (not pre-qualified, that’s different). And ask the professional how good your chances are when they’re reviewing your credit history. They typically do a hard inquiry on your credit and are able to tell you whether or not the numbers and your chances look good or not. 
I’d personally recommend building your history and score and pay off as much debt as possible. Save money for a down payment. And raise your score above a 650 at the least. The better your score, the better interest rate you’ll get.

Answer

Nope we couldn’t get a home loan until I got credit, I had none. it is definitely not good to not have any credit if you’re wanting loans

Answer

I was a mortgage advisor and you wouldn’t be able to be approved with no credit (or even only a couple of years worth of history). They would want someone else with very good credit to co-sign for you. This was commonly the case for individuals in their early 20s trying to buy their first home.

Answer

We got approved with a credit score of 620... see if theres something small you can pay on his credit... our mortgage officer looked and told us to pay off a small collection and it made a difference... credit karma will give you tips and how much paying things will boost your score

Has anyone gotten a home loan with no credit?

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