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msabla1
LIF Zygote
Member since 6/09 23 total posts
Name:
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Mortgage question-Please Help
Heres the deal:
no credit cards or credit card debt which translates to having no credit history. has good, unionized job, and 20% to put down on the place. However, the banks do not want to approve someone without a cedit score but if it was for a house or condo they would.
I don't understand that if it's the same concept.
Is there anyone out there who works at a bank that would be able to help???
Message edited 6/3/2009 9:23:50 PM.
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Posted 6/3/09 8:24 PM  |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Mortgage question-Please Help
chase has a good co-op program- did he try them?
another issue is will the co-op board approve him?
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| Posted 6/3/09 8:40 PM |
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msabla1
LIF Zygote
Member since 6/09 23 total posts
Name:
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Re: Mortgage question-Please Help
Posted by Beth
chase has a good co-op program- did he try them?
another issue is will the co-op board approve him?
I think our agent asked chase & he still needs some credit history. She did find out that he paid off a car loan early
As for the board approval, he has the income and downpayment to support mortgage and maintence.
Message edited 6/3/2009 9:35:44 PM.
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| Posted 6/3/09 8:45 PM |
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KateDevine
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Member since 6/06 24950 total posts
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Re: Mortgage question-Please Help
I don't have a lot of experience, but what about the municipal credit union?
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| Posted 6/3/09 8:46 PM |
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msabla1
LIF Zygote
Member since 6/09 23 total posts
Name:
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Re: Mortgage question-Please Help
Posted by KateDevine
I don't have a lot of experience, but what about the municipal credit union?
I will ask my agent. I believe she has mortgage brokers that have banks that specialize in applicants that have no credit history/cards.
I hope that car loan that he paid will help him. At least down payment and money is not the issue.
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| Posted 6/3/09 8:48 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Mortgage question-Please Help
this is a really tough one
I am really not sure any bank will lend to someone with no credit history in this market
even with 20% down
if he has a paid off car loan- he must have some credit history????
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| Posted 6/3/09 8:54 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Mortgage question-Please Help
wait- he is in a Union?
then he must have a credit union or something thru the union that can help
he should contact them tomorrow - that is most likey his best bet to get a loan
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| Posted 6/3/09 8:55 PM |
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msabla1
LIF Zygote
Member since 6/09 23 total posts
Name:
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Re: Mortgage question-Please Help
Posted by Beth
this is a really tough one
I am really not sure any bank will lend to someone with no credit history in this market
even with 20% down
if he has a paid off car loan- he must have some credit history????
yes he paid off a previous loan
I guess he needs to show the papers.
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| Posted 6/3/09 9:00 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Mortgage question-Please Help
is the car loan not showing up on his credit either?
that's weird
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| Posted 6/3/09 9:09 PM |
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msabla1
LIF Zygote
Member since 6/09 23 total posts
Name:
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Re: Mortgage question-Please Help
will check back soon
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| Posted 6/3/09 9:11 PM |
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msabla1
LIF Zygote
Member since 6/09 23 total posts
Name:
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Re: Mortgage question-Please Help
bump
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| Posted 6/4/09 10:01 AM |
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