Dec
23
booby asked:
Me and my fiance are going to be first time home buyers. We are in our late 20s and have well above average income, my credit is good, hers is fair, and we will have at least a 10% downpayment.
Me and my fiance are going to be first time home buyers. We are in our late 20s and have well above average income, my credit is good, hers is fair, and we will have at least a 10% downpayment.
How much will lack of credit history hurt us?
KERMIT
Comments
5 Responses to “How hard is it to get a morgage with no rental history?”
Leave a Reply
If you are borderline it can make a difference. But it sounds to me like you wont have a problem. Since your income is good, your credit is ok, and you have cash for a down payment most lenders will view you as a good credit risk even if you dont have rental history.
Rental history is certainly a factor, but probably more for people who credit problems or income problems. My guess is that it wont hurt you very much.
Should not hurt at all they are giving home mortgages to Illegals who are still dripping wet.
I don’t think it should with all the benefits you have.
I just bought a condo with 0 rental history and they approved me over the phone. Do your homework and see what bank offers what. This is your money and you don’t need to settle for nothing.
Rental history and credit history are two different things. You will be able to get a mortgage, but without credit history your interest will be slightly higher.
You will definitely be able to get a mortgage with an above average salary and 10% downpayment. Your rental history will not be a factor, but your credit will, in terms of the interest rate. Call a few mortgage companies to get a pre-approval–they will be able to give you a quote on a mortgage amount as well as an interest rate. If your fiance’s credit is poor, you might want to consider a “no-doc” loan which might give you a better interest rate. With this type of loan, you would put the house in your name, but the deed in both of your names. This way, the mortgage company will only look at your credit. This is a good site too to research loan information and obtain free quotes. Good luck!