How Do I Buy A House With No Credit?

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[adrianrivera]

I wake up every day and I make it my goal to save everything I can to save for a real big down payment thanks to this guy right here

[sarahshanahan]

It is possible... There is a program called neighborhood assistance corporation of america which doesn't use a fico score. I used them.. the underwriting process was so so difficult but in the end it was worth it. I saved 10s of thousands of dollars.
No pmi.. no closing costs. Interest below prime and fixed for the life of the loan.. no fees.. no fico score.
There are things people can do... but they need to look around

[abrahamflores]

So let me get this straight. Majority of lenders don't do conventional manual underwriting so you get stuck with a handful of companies(churchhill mortgage as the old example). So churchhill tells you got a great rate but how can you be sure if you weren't able to shop around? Also what if you want to buy a multi unit, or a manufactured home and the lender doesn't allow it under manual underwriting? Nobody remembers the caller a few months ago that got denied a construction loan by churchhill because they wouldn't do manual underwriting for a specific product?

[theparrotchannel]

The problem with manual underwriting is the interest rate is usually higher which means you're buying power is reduced

[RonReego]

I plan on buying a house with all the spare change I’ve saved over the years 😅👍🏾😖

[jimmymcgill]

Most mortgage companies do not do that. And it will cost you more at the end.

[lavonamickler]

You can also buy as a lease purchase with an individual with a notarized written agreement

[A-Brax]

Manual underwriting is the worst thing you can do your interest rate is usually 1-2% higher sometimes even more and will always ask for a higher down payment than normal people buying a house for the first time at 5-10%

[josephbrock]

Bought our first house 20% down. We have enough for six months of living expenses. We have paid off cars getting out of the military and transitioning to civilian world. It’s doable people. Granted we piggybacked off of our in-laws credit score. So technically, we have never had a credit score and hopefully will not ever!

[richardm]

Good luck finding one . Besides Churchhill .

[tracygaluszynski]

You don't. Thats how we got in the housing mess in 2008.

[c.h.]

All you need is a firm handshake and a job as a cashier at a grocery store. Ramsey still lives in the 1960s.

[truthseeker]

This is an old question. I already know the answer. Would love to see new content. Will guess Churchhill mortgage charges additional to do manual underwriting. Rate may be the same- but the cost of the mortgage will not be compared to other companies. Total cost of the buying process is also important.

[pscih]

If anyone here ever did manual underwriting, please share your experiences in the comments. I'd love to hear some true stories.

[Vanderdude]

Exactly. Banks should be checking your legit fundamentals before giving you a loan.

[joeplem]

Have 50k or more in savings for a down payment and you should be fine, as long as it's not a half million dollar home 👍

[Ancano]

You go to Home Depot and buy a tricked out Tuff Shed LOL

[roolyfe]

I am not sure about buying a house 🏡 right now!

[GhostJacobson]

No it wasn't the fact that people were broke it was the fact that Banks were greedy you know how hard it is for a person to be broke far from Rich and I am not broke

[CounterAgenda]

You do not get great deals with manual financing it limits your competition.