no credit and new to the country wanting to purchase a home
Hi,We moved to the US in July 2010 and are both currently employed full time (myself for the last 3 months and my husband for 10 months) . we are permanent residents. Together we earn a very healthy income and have managed to save about 10% down payment. The problem is we have 0 credit (I just checked 2 days ago) even though we are trying to build it with a secured loan and secured credit card. We really want to get pre-approved asap as our lease finishes in 3 months but we are unsure if it is worth bothering with the process as we have such a short history in the country. by ellypage from Gainesville, Florida. Apr 10th 2011
Chris Gummerson (cgummerson11)
#397 ranked lender in California - 648 contributions
You might be able to get a type of private or hard money lenders to help. You would need 30-35% down. They dont go by credit or income, more the property as collateral. For conventional or FHA loan you would have to be able to show a 2year work history. Either save up more for the down payment or wait until end of 2011 and try again, once you have a whole year of employment. Was either party in school? That can be used as employment...
eddie correa (loanswitheddie@gmail.com)
#442 ranked lender in California - 6 contributions
If you were both students beforehand and have evidence of such, You can qualify to purchase. Feel free to contact me at your earliest convenience. loanswitheddie@gmail.com
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