Thursday, June 18, 2015

Purchasing First Home With NO CREDIT?


My boyfriend and I are beginning to look into purchasing a home soon. We are financially stable for our situation at the moment and he is planning on building his credit at least a little starting this weekend with a motorcycle (his brother in law is going to co sign on it). Once it is paid off he is wanting to start payments on a car or truck for our family. The only problem is, at the moment he has no credit, at all. He will be 20 in 3 weeks, but when I spoke to a family friend she said that unless he has 5 years of credit history then we might as well give up on getting a house anytime soon. I was wondering if anyone could break down the home buying process for the both of us? I know it is complicated but can't we go through his bank and get a loan? Or how does an FHA loan work? The home we are interested in going for is $64,900 and some of the $12,980 down payment is saved up. Together we bring home $8,000 a month (him $5,000 and me $3,000). We are located in North Carolina.

Please, no harsh words. If you can't be helpful then I'm not going to waste time reading your "answer". Any help is greatly appreciated.

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