Funding Options For Limited Credit Tulsa OK Homebuyers

Dated: 05/14/2018

Views: 27

Darryl and Dan Newberry of TTCU discuss what Limited Credit means and how you may still be able to buy a home with it.

Image title

We all know credit plays a large role in determining how much and what kind of home loan you can qualify for. But what do you do if you have little to no credit? People with what the industry terms Limited Credit can still buy a home in the Tulsa, OK area, it just takes a bit of creativity and the right lending partner.

Limited credit refers to people who, for whatever reason, just don’t have much credit history. Often this applies to high school graduates and college students, but it can also apply to the financially prudent person who pays cash for everything. While this can save you money, (no interest fees to pay), it can make it harder to get a mortgage.

When lenders look at an applicant’s financial records, they need something to show payment history which reflects on how responsible a person is regarding their finances. Credit scores are a key way this history is provided for many lenders. Without credit cards, car loans or previous mortgages you may not have enough of a history for a lender to feel comfortable taking on the risk of lending you money.

Companies such as TTCU can work with Limited Credit homebuyers. There can be other solutions which can help you get the loan you need for a home. Examples include using an alternative line of credit, such as rental history and utility bills, to show how well you pay your bills.

If you have limited credit and want to buy a home in Green Country, visit www.ttcu.com to learn about the different options available for home mortgage loans. For real estate questions, contact The Baskin Real Estate Specialists of eXp Realty at 918-732-9732 ordarrylbaskin.com

Latest Blog Posts

Funding Options For Limited Credit Tulsa OK Home Buyers

Darryl and Dan Newberry of TTCU discuss the differences between interest rates and APRWhen it’s time to get a loan, for a new house or to refinance your current mortgage, there are key terms worth

Read More

Listen To The Electrical Expert Get A General Contract When Remodeling

Darryl & Steve from Murray Electric talk about the importance and benefits of hiring a general contractorIf you have remodeling plans or are ready to make some updates in your home, before you,

Read More

Be A CASA Volunteer And Empower Children With A Voice

Darryl speaks with CASA volunteer Bridget about what CASA is and how they help deprived children through court proceedings.CASA. Chances are you’ve heard the acronym but aren’t sure exactly what

Read More

How To Save 1 And Lose 3 When Selling Your Home

Darryl talks about why it's important to have a Realtor® at your side as well as the importance of interviewing.When hiring a real estate agent, many people only consider what their commission rate

Read More