can I get a mortgage loan with $40000 in the bank but no credit history?

melissa asked:


my wife has good credit (720) but does not work. I have a good job but have no credit history. We would like to take advantage of the first-time-buyers credit available until dec.1

Louis

Tags: Good Job, Mortgage Bank, Mortgage Loan

This entry was posted on Tuesday, July 14th, 2009 at 10:47 pm and is filed under Mortgage Loans. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

3 Responses to “can I get a mortgage loan with $40000 in the bank but no credit history?”

1. jlf Says:
   July 17th, 2009 at 10:45 am

   Glen

   With no credit history, that will be difficult. You won’t know until you see a lender for preapproval.

2. Noneya Says:
   July 20th, 2009 at 10:11 am

   Mary

   Yes you can with an FHA loan. In order to build a credit history, FHA allows the use of alternative trade lines. The way it works is a mortgage banker/broker will take things like your rent history, car insurance, utilities and add them to your credit report to create credit history.

3. Lim Says:
   July 21st, 2009 at 1:23 pm

   Marie

   Good day,
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