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How to Buy a House with No Credit

Buying your first home is a major step in a person's life. After all, this will be your property. You can do everything from paint the walls to knock down or build walls. This home could be where you raise a family or become a property that you pass down through the generations.

Owning a home is incredibly freeing in that you can do whatever you want to the home because it is yours. For those who have rented homes their whole lives, this is quite a shift.

How to Buy a House with No CreditOwning property is quite pricey. After all, you are not only buying a house but also the property on which the home rests. No one expects you to have thousands of dollars to pay for the house all at once.

Instead, you will probably need to invest in a home loan, commonly called a mortgage. Such a loan's rates and terms are determined by a person's credit score and history. However, if you do not have any credit, it can be difficult to be approved for a home loan.

This is because the bank has no idea whether or not you will be able to pay back the loan. Loans are all about risk: if you have poor credit, you are less likely to pay back the loan than if you have a high credit score.

There are ways to buy a house with no credit. You just need to be creative. To buy a house, you need to:

1. Look in a variety of places.
2. Do your research.
3. Make a plan.
4. Cobble together a down payment.

By doing the research and work, you can definitely show banks that they should invest in you and offer you a home loan. The following are some tips for how to buy a house with no credit.

Sizeable Down Payment

A great way to be approved for a home loan when you have no credit is to be willing to put down a sizeable down payment. If you can put down a great deal of money on this home, it shows that you have a source of income, that you know how to save, and that the bank is sure to get their money back. Really, a down payment is something that can give a bank some faith in you even if you have little to no credit history.


Another great way to be approved for such a loan without credit is to have co-signers. This could be everyone from a parent to a spouse. However, this person will no doubt have to trust you. After all, by signing this document, they agree to take responsibility for the loan in the event that you can not pay it. Thus, you want to be sure that you can indeed keep up with these mortgage payments so that you do not put your loved ones in a difficult spot.

Proof of Income

A surefire way to get a home loan even if you do not have credit is to show the bank that you have a solid source of income. Bring in not only a year's worth of pay stubs but also tax returns. This shows the organization that you have the means to keep up with payments. Really, banks just want to be sure that they will get their money back. Show them that you have a solid income and career, and you will be more likely to acquire the home and loan of your dreams.

Look Everywhere

Apply for home loans anywhere and everywhere. You never know which financial group will not only approve your application but will give you the most favorable terms. Everyone from banks to credit unions and even credit companies will have mortgage and home loan options. Apply for many different home loans with various groups and see what people have to offer you. This will allow you to truly explore your options so that you can find the best possible home loans.

Commit to High Interest Rates

If you want to buy a house with no credit, you need to know that you will most likely have to deal with a fairly high interest rate, at least at first. This is because the bank will be willing to take a risk on you but will still want to protect themselves in the event that payments stop coming in. Additionally, you may have the loan for a longer period of time.

Build Credit

Once you build credit, you can refinance your mortgage or home loan later on in life. Take the time to show financial groups that you are in the process of building credit so that they know you are not as risky an investment as you may appear on paper. This will show different organizations that you are responsible and that you may one day have a solid credit rating.

Really, buying a house is a major investment, one you should definitely take seriously from the get-go. If you dig in and really explore your options, you will be able to not only be approved for a home loan but will be able to negotiate solid terms and rates. Take the time to cobble together a down payment, find co-signers who believe in you, and to make a solid plan and budget, and banks and other groups are sure to give you a chance at buying your own home.

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