Posted on: 10th Jul, 2013 12:20 am
Hello there... I have no credit. Is it possible to buy my first home? And do I have to have a co-signer? How much do I need to earn to get a mortgage?
With no credit, it will be difficult for you to get any kind of mortgage to buy your first home. In that situation, you will have to take help of a co-signer with good credit. The amount of income that you need will depend upon the amount of mortgage you take out.
Hi Black!
Welcome to the forums!
You should first build up your credit and then look out for a mortgage. You can take out some secured credit card and pay them on time in order to build your credit.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
You should first build up your credit and then look out for a mortgage. You can take out some secured credit card and pay them on time in order to build your credit.
Feel free to ask if you've further queries.
Sussane
Hi Black,
You should take steps to build your credit history first and using a secured card responsibly is the best way in which you can do so. Take such credit repair steps and then look for out a home mortgage loan. You at least need a score of 600 for an FHA loan.
You should take steps to build your credit history first and using a secured card responsibly is the best way in which you can do so. Take such credit repair steps and then look for out a home mortgage loan. You at least need a score of 600 for an FHA loan.