Bank loan?
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I'd like to buy a new house within the next 6 months or so. Right now I own my home, did not need financing- paid $211,000 cash for it.
I'd be looking to buy a house that costs around $285,000-$300,000 (already found the community, new construction, etc). I would put around $215,000 down, but need to borrow the rest through a loan.
I have little credit since I'm only 20 years old and have paid cash for everything (my house, cars, etc). I have had utilities in my name for 2 years and always paid on time, etc but I think I screwed myself over by paying cash for everything since that doesn't help build credit through payments.
My question is- would it be easy for me to get a loan if I only have a little (but all great) credit and I put around $211,000 down?
Bank loan?YOU ARE GOLDEN. By paying for everything in cash isn't going to hurt you at all. In cases like yours lenders are more than happy to consider "alternative forms of credit" like paying your power, phone and cable bills on time. When you add that to your immense down payment you have absolutely nothing to worry about! The worst case scenario is coming across a mortgage broker who is too inexperienced to identify you as a valid borrower.
Bank loan?if you already own a house that belongs to you,the bank should be able to use that as collateral, for your new loan, and if your selling that house then explain your situation to the bank and they should be happy to work with you
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