i have never had a credit card can i still get a loan? looking to put about 30% down on a $400k property but in a year my down payment will be larger. i do not like credit cards but am relocating this year so i'd rather buy than rent. i have also never rented. i have student loans and have heard that works in place of credit. DTI is around 0.19 by itsolutions4412456 from Durham, North Carolina. Jan 15th 2014
If you have student loans that reflect you will be fine. We like to see about 5 different trade lines of credit so even if you can show car insurance, cell phone, etc... you will be fine. Please call me...I would love to help you! Monica BrownMortgage Loan ConsultantAssistant Vice President2013 Top Producer2012 President's ClubNMLSR#659564SUNTRUST MORTGAGE, INC. Office: (772)621-9106Cell: (772)240-4461Fax: (772)621-9188 Monica.Brown@SunTrust.comwww.suntrust.com/monica.brown
Alternative credit lines, such as utilities, may be used.
You should be ok, but until someone looks at your complete scenario, it's hard to say.. FHA loan limits are $271K, with $130K down, your right there.. FHA allows for "Alternative" credit, meaning you can use utility bills, cell phone payments, insurance, payments, even regular deposits into a savings account can be used as a credit reference.. Conventional financing guidelines will also look at alternative credit sources, however most lenders have additional guidelines above Conventional guidelines and will not allow these types of credit sources.. But with student loans, you probably have a credit score already and that's all that's required.. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com
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