Is it possible to get a mortgage with no credit?

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My g/f are looking into buying a home of our own. neither of us have credit. we pay for everything in cash. we have 0 debt. no car payment nothing. we between the both of us we have been renting for about 3 years. we have never been late on a payment. with all this talk about "credit scores" and that it can save you thousands of $$$ if you know it, i am not sure how easy it is going to be to actaully get that much money loaned to us. we also will have a 10-15k down payment right off the start. oh i should also say we are both 21 also. so does anyone know if i can even get a mortgage?

Thanks guys

Is it possible to get a mortgage with no credit?

You will need 3 alternative tradelines (cell phone, car insurance, utility bill, etc.) that has a 12 month history of on-time payments + a rental history of 12 months with no 30-day lates. The lender will verify your rent with a VOR (verification of rent form) if you rent from a company or they will request 12 months cancelled checks if you rent from an individual. FHA loans are great, but tend to be difficult to qualify for, have high closing costs, private mortgage insurance and the house has to pass an FHA inspection. Most brokers have wholesale lenders that offer alternative loans to FHA with decent rates and a lot of times they don't require PMI. I'd rather work with someone with no credit history than someone with really bad credit :)

By the way, if you do not have enough alternative tradelines in your name, ask a parent or friend to add you to their account. As for the rent, that has to be verified...

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Is it possible to get a mortgage with no credit?

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