No Credit – Still Purchase Home

HUD has a new initiative, and it’s being pushed along by the New Housing Bill passed by Congress this month!

If you do not have a credit history with at least three credit references over a period of 12 months, we might not be able to help you – but if you have ANY credit – we probably can help you purchase a home.

FHA wants you to have “credit” with one of these two types of references:

Group 1:

rental payements for housing, utility companies including gas, electricity and water, traditional land-line home telephone service, cable.  “If the borrower is renting from a family member, request Independent documents to prove regularity of payments, such as cancelled checks.”

Group 2:

insurance coverage that’s not payroll deducted (like life insurance or renter’s insurance or car insurance), payment to child care providers that are businesses, retail stores, furtnitures or rent to own, payment of the part of medical bills not covered by insurance, CELL PHONE BILLS, automobile leases, or a personal loan from an individual with repayment terms in writing and supported by cancelled checks to document the payments.

So if you are in the “Building” credit stage of your life – GOOD NEWS!  You can start BUILDING CREDIT BY PURCHASING A HOME – and you could get $7500 back from Uncle Sam!

If you are considering a home purchase in Wake County, or buying a home in the Triangle, please call Steve and Eleanor Thorne, Meridian Residential 919-459-1313