Can I Qualify for a Mortgage with No Credit History?
If you have no credit history (including no credit card debt or other past loans), it is still possible for you to qualify for a mortgage. Many lenders will be unwilling to work with you due to the difficulty in determining your capacity to repay a mortgage.
You can try to submit an alternative payment history to make up for a lack of credit history. For example, you might consider submitting your rental payment history as proof of your capacity to repay your obligations.
Tellus TIP:
Not all lenders will accept your alternative payment history. You may need to work on slowly building your credit history instead.
- What Is Included in a Mortgage Application?
- How Long Do Mortgage Applications Typically Take to Complete?
- Can I Submit Multiple Applications?
- Does Applying for Multiple Mortgages Affect My Credit?
- What Are Some Benefits of Shopping for a Mortgage?
- What Can I Do If My Application for a Mortgage Is Denied?