Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Buying a home with NO credit history?
Obviously, not possible! But, did anyone start looking into home buying without any credit history? I know my sister did that here - she had paid for everything in cash (schools, cars, everything) throughout her life and never had a credit card so when she went to get a mortgage, she had no credit history at all and had trouble.
We're moving from Canada so we won't have any bad US credit...we just won't have any.
I'm just curious about what sort of timeline we'd be looking at to be established enough to consider buying a home? I don't even know if that's a point we'll ever reach (if we'll stay that long, if we'll want to buy versus rent, etc.) but having the option at some point may change how and where we choose to rent somewhat.
So, if it was going to be a good five years before we'd have enough credit built up...well, then, it probably wont affect anything. But if it could be significantly less, we might choose to rent in the area we'd eventually buy, ensuring we don't price ourselves out and that sort of thing.
Any ideas?
Re: Buying a home with NO credit history?
? ?????????! Z!
BFP #1 EDD 12/14/12, C/P 4/9
dx: DOR
Clomid + trigger + IUI #2
Everyone welcome.
Can I ask another elementary question?
Would we go to a couple of banks and shop around or would we go to a mortgage broker or someone like that who will shop us around to different lenders?
(Just in case that is dramatically different than here.
)
You could do either, but from what I read it is probably better to do a mortgage broker. However, we did not use one so I do not know what is involved with that.
We used a broker for both our purchase mortgage and our refi a couple years later. It just made for less work for me, and the rates she got were as good or better than anything I could've found myself. I looked at the advertised rates at banks, and didn't see anything that motivated me to actually see about getting approved elsewhere.
It really shouldn't take long to build credit, especially since you have zero negative marks on it you have to overcome. As the PP said, a revolving bank credit card that you use regularly and pay off monthly, an installment loan like a car loan, and some steady history on both for awhile should help quite a bit in a short amt of time.
However, like other's said just because you are coming from Canada doesn't mean you can't buy here right away, a lot of people move countries and buy homes. Just ask about it. And personally, we had a lender shop rates and programs for us instead of going to banks. Maybe if you post the area you are moving to someone can recommend someone to you?