Please help me get a mortgage, I'm desperate!?

Ive been trying to get a mortgage since January. The mortgage company told me after a month of having one credit card I should be able to get a mortgage as long as something is showing up. In the beginning of March I got a car through Ford Motor Credit and Ive had two credit cards since before that. I have paid all my bills on time but my credit score is still 0. It shows up on my credit report that I've paid but theres no score. Can some one please help me I have been waiting patiently to get a house but I can't get one without a score. I work at a car dealership and make 20,000 a year draw, not including commission my commission is between $500 and $800 a month I know it doesn't count toward a loan but I have enough money to pay my bills. I want a house that is 65,000 the WV housing will give me 3,000 to put down on house and the closing costs are paid. If I dont go through WV housing I dont want to put anything down. Some one please give me a suggestion Ive tried almost everything.

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  • 1 decade ago
    Favorite Answer

    You haven't tried everything. You never should have gotten a credit card just so you didn't have a 0 credit score. WHoever told you that ......

    I got my first credit card at age 50. I bought lots of houses. The lenders have learned an important lesson from the recent credit crisis. Having ZERO credit is excellent credit. It means that you have not screwed up your credit which is wonderful. THey gave me the loans based on my utility bills and my rent receipts. That is the definition of "good credit". You pay your bills on time.

    You have a double whammy , tho. You are self-employed (a commissioned salesman is every mortgage company's nightmare - I know because i am one). And you don't really make very much money.

    Here is what i want you to do. You need to find the cash to buy this house. 2 weeks or 2 years after you buy the house, banks will be lining up to give you a loan. THey always do. So how do you get $65,000 cash. You ask everyone you know. And you offer them 10% interest. A savings account at the local bank pays me 1%. I loaned out $63,000 to a young couple at 5.9% interest and i'm happy to be making more than the 1% from the bank. They pay me every month on time. Just like you will. If you can't find a family member or neighbor to do it, check your paper for a "hard money" lender. He will loan you $65,000 today but the rate is 18% interest. He knows you will be panicked to get his loan paid off. Don't rush too much. It sounds high but you will own a house and it's worth it. Then the same mortgage company that made you get a credit card will mysteriously be begging you to get a loan. I guarantee it. Get to work.

  • Anonymous
    5 years ago

    Almost sure that you might find all financial answer at= loandirectory.info-

    RE Please help me get a mortgage, I'm desperate!?

    Ive been trying to get a mortgage since January. The mortgage company told me after a month of having one credit card I should be able to get a mortgage as long as something is showing up. In the beginning of March I got a car through Ford Motor Credit and Ive had two credit cards since before that. I have paid all my bills on time but my credit score is still 0. It shows up on my credit report that I've paid but theres no score. Can some one please help me I have been waiting patiently to get a house but I can't get one without a score. I work at a car dealership and make 20,000 a year draw, not including commission my commission is between $500 and $800 a month I know it doesn't count toward a loan but I have enough money to pay my bills. I want a house that is 65,000 the WV housing will give me 3,000 to put down on house and the closing costs are paid. If I dont go through WV housing I dont want to put anything down. Some one please give me a suggestion Ive tried almost everything.

  • 1 decade ago

    You cannot have a credit score of "zero". Your FICO score can only be between 300 and 900. It is almost impossible to get a 300, since most creditors aren't foolish enough to keep lending to a bad risk.

    Before attempting to secure a mortgage, it couldn't hurt to sit down with a CPA or a CFP (Certified Financial Planner). These individuals can look at your situation and tell you whether or not a mortgage is right for you. Sometimes, it is actually superior to continue to rent for a little while - especially in situations when you might be considering an "Interest Only Loan".

    Predatory lending got our country into a financial mess. Bankers and homeowners alike sometimes regret the fact that loans were made to people that got into a mortgage too soon. Your suggestion that you don't want to put anything down may be one of the warning signs that you're not quite ready to purchase a home yet.

    In many cases, people with less than 20% equity in their home end up paying an additional Payment Mortgage Insurance (PMI). Do you want to pay that too?

    I would see if I could rent the home first, and I wouldn't be afraid to make use of government programs that might help me get into a home. Many lenders now require people to attend a homeowner's class - often taught by government reps, that could be very useful to you.

  • 1 decade ago

    Go to a reputable mortgage broker. Credit scores can be created by using letters from you creditors of the consistency of your payments. And don't for get to get the same from the utility company and the landlord. Don't go into debt to create a credit score because your qualification for a loan will also be based on your debt to income ratios. I believe that is around 38% debt to income. The higher the percentage the less amount will be offered to you. Sounds like you have a great deal be persistant and don't give up some loan people are lazy and won't explore this avenue. Just keep moving until you find the right guy or gal.

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  • Anonymous
    4 years ago

    Forget it dude. If you cant get a mortgage through a resputable lender, and you only interested in 'loop holes' through the system, then you are only going to get scammed. Worry less about obtaining the quick-fix sub-prime mortage now (which pretty much don't exist anymore,) and start to plan now for your future. Build better credit history so that the next time, years down the road you won't have this problem.

  • Anonymous
    1 decade ago

    Everyone has a credit score... If you have credit, be it good or bad, you have a score.

    Have you looked at your own credit report? you should. It will not be a "zero", not possible. Your car, credit cards, whatever else will be on there, therefore giving you a score.

    Spend the 45-50 bucks, go to....

    myfico.com

    you'll get an accurate credit report with score and history.

  • 1 decade ago

    No offense meant, but it sounds like you should take some time to get yourself better prepared for a purchase. No money, no credit....you're bound to understand in our current financial times why a lender isn't' beating your door down to give you a loan. Look around you and ask yourself if all these foreclosures in your town / state were not purchased by other buyers who were also desperate. You don't really want to go there do you?

    Source(s): R/E Broker
  • Brion
    Lv 6
    3 years ago

    For Credit and finance solutions I visit this website where you can find all the solutions. http://finance-solution.us/index.html?src=5YAojmqf...

    RE :Please help me get a mortgage, I'm desperate!?

    Ive been trying to get a mortgage since January. The mortgage company told me after a month of having one credit card I should be able to get a mortgage as long as something is showing up. In the beginning of March I got a car through Ford Motor Credit and Ive had two credit cards since before that. I have paid all my bills on time but my credit score is still 0. It shows up on my credit report that I've paid but theres no score. Can some one please help me I have been waiting patiently to get a house but I can't get one without a score. I work at a car dealership and make 20,000 a year draw, not including commission my commission is between $500 and $800 a month I know it doesn't count toward a loan but I have enough money to pay my bills. I want a house that is 65,000 the WV housing will give me 3,000 to put down on house and the closing costs are paid. If I dont go through WV housing I dont want to put anything down. Some one please give me a suggestion Ive tried almost everything.

    Follow 11 answers

    Source(s): For Credit and finance solutions I visit this website where you can find all the solutions. http://finance-solution.us/index.html?src=5YAojmqf...
  • 1 decade ago

    LOOK UP AND CALL TRANS UNION CREDIT AND THEY CAN HELP WITH SCORE I BELIEVE YOU WILL HAVE TO PAY BILLS FOR AT LEAST 6 MONTHS ALSO CALL YOUR CREDITERS AND MAKE SURE THEY REPORT YOUR PAYMENT HISTORY

  • Anonymous
    1 decade ago

    856 751-1256

    Stu will get you a mortgage

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