I have been in real estate school for the last year or so. I am continuing my education in real estate. I want to purchase my first home. I actually have no credit. I am building a credit profile. Can I get approved for a loan with no credit history?
Yes, but most likely not 100% financing. Conventional you would need to come up with 20% down. FHA may be able to get you to 97%, I’m not too familiar with FHA loans. Good luck.
Thank you. I am going to try!
You can get an FHA loan with no credit history. You can use Genesis or Nehemiah to roll ion the other 3% for 100%. You can alos get the seller to pay closing costs up to 6%.
Wow! Thanks for the information and I am thankful that I had the courage to ask.
Where are you buying the house?
New York
If you were to go with an FHA loan in New York state, your loan limits will be between $200,160-$362,790 depending on which county you are buying in. Those are the maximum loan amounts, you can obviously borrow less than that depending on how much house you want to buy, and how much you can qualify for. There are other loan products besides FHA that will allow you to qualify with no credit scores. You need to talk to a qualified loan consultant who can review your credit and income documents and present you with your best options.
In order for me to qualify for a FHA loan, would it require me to have worked for the last two years with the same employer. I’ve been in school, I 'm currently opening a LLP shortly. How can this work for me and can it?
With FHA you can use school as past employment.