A buyer with no lender.

By
Real Estate Agent with Newlun Realty

I have a serious buyer, she knows what home she wants, she can afford the mortgage at a decent rate. One problem she has NO credit history, she has always paid cash for everything. Now no one wants to give her a loan, she has enough for a substantial down payment, plenty in her savings account. But thats just not good neough. Today my mission is to light some fires under some banks behinds and get this woman the home she wants. Anyone have any good tips?

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Mortgage / Finance
Groups:
Active Rain Newbies

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
180,945
Paul Campbell Realtor Lexington
Rector Hayden, Lexington, Ky - Lexington, KY
Kentucky Homes for Sale

The best thing to do is to work with a loan officer that is very good at helping people document their credit history.  Have your client open some cards and find evidence of even here paying bills such as utilities.  Get a good loan officer first though.  They can help you a lot.

Jan 28, 2011 05:24 AM #1
Rainer
142,952
Karen Burket
Bank of Oregon a division of Willamette Valley Bank - Medford, OR
Valley Mortgage Grou, Conventional, FHA, VA, mortgages

Jenny,

Some lenders will allow her to use "alternative" credit.  Does she currently rent?  She can build a profile with say verification of rent paid, cell phone bill, utilities, insurance premiums.  Lenders and banks will vary on what they will accept as "alternative", but it can be done.

Good luck!

Best~

Karen 

Jan 28, 2011 05:24 AM #2
Rainmaker
1,003,283
Corinne Guest
Corinne Guest, REALTORĀ® | Barrington Realty Company - Barrington, IL
Barrington Lifestyles

How about credit unions. When i came here I got a mortgage right away, we had no credit at all but we were a member of my husband credit union the forst day we arrived.

Jan 28, 2011 05:32 AM #3
Rainer
21,411
Jenny Cross
Newlun Realty - Nekoosa, WI

Thank you all so much for the help. It is unfortunate that she is not a renter, any bills that she would accumulate she pays at the begining of the year and such so that she doesnt get more from the payments being spread out. She doesnt want to go into a renting situation becouse then she would be loosing all the money that she has saved for her down payment.

Jan 31, 2011 06:09 AM #4
Rainer
142,952
Karen Burket
Bank of Oregon a division of Willamette Valley Bank - Medford, OR
Valley Mortgage Grou, Conventional, FHA, VA, mortgages

Jenny,

If she eventually does want to purchase, she'll need to start establishing some credit, unless of course there would be some seller financing options for her.  Maybe she can find an owner/carry or even a private money lender.  Sounds like she has a substantial down payment.  That could be attractive to a private party.

 

Best of Luck,

Karen

Jan 31, 2011 07:45 AM #5
Rainer
21,411
Jenny Cross
Newlun Realty - Nekoosa, WI

Thanks Karen on working on her to help her build up some credit she can be rather reluctant at times, the frustration is getting to her. But i stay in touch with her and try to keep her spirits up.

Jan 31, 2011 09:54 AM #6
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainer
21,411

Jenny Cross

Ask me a question
*
*
*
*
Spam prevention