Buying a home is a big dream for many people, but what if you don’t have a credit score? Don't worry! If you're working with the Federal Housing Administration (FHA) to get a mortgage, there are ways to show you're good with money even without a credit score. Here are some steps we help our clients take to build a credit story:
If You're
Renting a Place:
If you're renting, there are some easy ways to show you're responsible with money:
·
Paying Rent: Regular rent payments can be
a good sign of how responsible you are with money.
·
Paying Bills: Paying for things like gas,
water, electricity, phone, TV, and internet on time can also help show you're
trustworthy.
If You're
Not Renting:
Even if you're not renting, there are other ways to build a good money story:
·
Insurance Payments: If you pay for
insurance like car, health, or life insurance, it can be a good sign.
·
Paying for School or Childcare: Regular payments
for school or childcare show responsibility too.
·
Store Credit Cards and Rent-to-Own: Using
store credit cards or rent-to-own plans for things like furniture can help
build your story.
·
Paying Medical Bills: If you have medical
bills and pay them on time, that's a good sign too.
·
Saving Money: If you save money in a bank
account regularly, it shows you're planning for the future.
· Car Leases and Loans: If you have a car lease or a loan from someone with clear payback terms, that can help too.
Other
Helpful Tips:
There are more ways to build a good money story. Our loan
helpers can give advice like:
Proving
You're Responsible:
The big idea is to prove you're responsible with money. Even if these actions don’t show up on a credit report, they can still help you get closer to owning your dream home.
Getting a mortgage without a credit score might seem hard at
first, but with some smart steps and the right help, you can make your dream of
owning a home come true! Our team is here to help you through every step on the
way to your new home!
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