I am 20 yrs old and have zero credit but I am really wanting to purchase home is this goin to affect my odds?

Zero credit is a challenge for many lenders but if you have EITHER a co-signer, or at least 4 "nontraditional" trade lines (rent, telephone, untilities, cable, etc) that have a good payment history for 12 months or more, and that can be acceptably documented, it may be possible. You need to establish credit, local credit union's are often a good starting place using a secured credit card or a secured loan. Good luck.

Credit is a must these days, but you can still qualify to purchase a home with zero credit. You just need 4 credit lines rent, utilities, cell phone, insurance, cable etc. I am located in Murfreesboro, TN. give me a call if you would like to discuss further.

Yes, you must have credit in order to obtain a mortgage. Work on building your credit by getting a secure credit card. Like Phil recommended, a credit union is a good place to start.

Secured credit cards are perhaps the fastest way to establish a credit history. When used in conjunction with some of the non-traditional tradelines that Nancy mentioned below, you'll able to secure mortgage financing in just a few months.Depending on the lender, you should expect to need somewhere around a 640 score as a first-timer. If you don't know exactly where you stand with respect to your credit situation, you can get one free credit report per year, (but it won't have scores) at annualcreditreport.com . Also, you can try visiting http://www.creditgecko.com to get a scored report, as well as the secured cards everyone is talking about!I hope we've been able to help!

i work directly with a underwriter ,and she is a pro at getting this type of loan closed.. email me at yourloanpartnerforlife@live.com linda

There are lenders out there that will use "non traditional" type credit. These files have to be manually underwritten, so you need to work with a lender that will allow for this, as not all do. No credit is absolutely better than bad credit, but credit is just one piece of the complete profile that a lender looks at to determine eligibility.. Income, income type (salary, commissions, hourly, self employed), assets, job, job type, etc.. all will be looked at an analyzed.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

there are some lenders that will finance a home with no credit- you will need 3 -4alternate trade lines with at least a 12 months history and no late payments-hopefully you can document a 12 moth history of paying rent, utilities, car insurance-Speak to a community bank in your area- they may have state specific programsfor 1st time homebuyers

Realistically, to get credit to buy a house, you have to have established credit. If you have a record of paying some bills that normally don't show up on credit, like utilities (gas, electric), and have paid rent for a year or so, there is a small chance you can do an "alternative" credit FHA loan. Not many lenders offer it anymore, but a few do. Contact a mortgage broker in your area for more assistance. In the mean time, go online and apply for one or two "secured" credit cards or "credit builder" credit cards for those with no credit today.

Get Credit and you can also go to Bankrate.com and they have every card available there. Try to get two of them and you may need to get one that is secured. A secured card means you put up like $300 and then they give you a card with a limit for $300.Once you have a couple then however you use them just make sure to keep the balance between $5-$10 - DON'T pay them off. As crazy as it sounds, paying them off every month can actually drop your score.The other option is to see if you can get a family member to be Non-Occupying Co-borrower. You'll need to find a lender that would allow this where the borrower does not have a fico. A Big Bank won't do it - like Chase, Wells Fargo, etc..

Difficult, but 4 verifiable accounts may be used to establish your payment history.

If you mean you have no derogatory credit and no positive credit when you say ZERO CREDIT, then you can purchase a home. Most lender will require that you have a 12 month housing history, proved with Management Company Verification of Rent or Cancelled Checks. You will also be required to provide the Non-Traditional Credit lines mentioned in other responses. If you have previous derogatory credit be sure to mention it up front, you do not want to start the process only to be tripped up in the end.

How much are you putting down? We are private lenders that focus on the value of the property, rather than the borrowers credit-worthiness. We have recently launched a consumer loan program for owner-occupied homeowners that might be a good fit for you. Please contact me for more details.

we can set up alternate credit in your behalf and use one of several programs available to youErnesto Marezemarez@thefederalsavingsbank.com301.535.2912

AN FHA LOAN WILL ALLOW ZERO CREDIT :)