Quote Originally Posted by WingedWolfPsion View Post
Sorry, J H, but you're wrong. My credit report comes back with not enough info to create a credit score. I have NO credit score. The proof is in the report directly from the credit agency--that's what it said.

The student loans were responsible for the kiddo having a score. Anyone with student loans has a credit score, because a LOAN is CREDIT.

I have never had any student loans. I simply haven't bought anything on credit, never taken out a loan, etc.

What irritates me is that I think buying things on credit, and getting loans, is usually not a wise way to manage money. So, for being sensible, I am punished--I can't get a home loan, or any other sort of loan without a co-signer. I am ironically considered to be a WORSE risk than someone with bad credit.
You are wrong. You can get a house, you're just dealing with the wrong bank. I got my first one with no credit and they used an underwriter to assess the liability with the loan. I don't know what your situation is, mybe they already know it's not worth having the load underwritten because they already assume you're a risk. And by that statement, I mean no offence, I just know for a fact you can get a home loan without any credit as long as your other ducks are in a row.

Since I have been through the process a few times now, check out this link. I only skimmed over it, but seems to be in order....

http://www.austinhomeloan.com/overview/underview.html

I bought and sold two houses before I turned 30. I used Wachovia for the first one (which I won't recommend) and I have my second with Fidelity Bank.

On a side note, I was blessed with having the same job for over 13 years and make fairly good money. When the underwriter looked at it, I was not a risk because I made 5x my mortgage payment a month and had no defaults on my credit (because no credit).

Now if you're applying for a credit card, it's completely different. But I assure you, either you picked a bad bank to seek a mortgage or you were assessed a liability before even going through the process.

Right now is also a great time to scoop up foreclosures. Find a nice one with little handiwork required and use an FHA. My neighborhood has a nice one, but I'm waiting for the price to drop another 30k and then I'll look into acquiring it. Though it's already a steal, I just don't want to sit on it for 5 years for hopes that maybe the market will start to return.

Anyway, good luck, I wouldn't just give up.