Credit Advice

several thousand....you need 20%-25% cash down on a property to be considered without credit ie: $100,000 home....$20,000-$25,000 plus closing cost fees another $3,000......$200,000 home  $40,000-$50,000 plus closing cost fees another $5,000.....these are the numbers you would need match to get a mortgage w/ no credit history.....not to mention you would have to a monthly income of $2,100/$4,200 respectively with basically no monthly expenses....this includes NO car payment, cell phone, student loans etc... to qualify with atleast 1 year of employment at your current job....cash can make anything go away you just need the right amount....sorry to say but these are the real numbers and criteria you would need to meet to get approved with no credit history....even the thinest file of 1 card for 6 months would be a HUGE improvement to NOTHING

not trying to sound mean or belittling to you or your question.....I was in your same position 6 months ago....I had cash....20K....but no credit history so i got denied....6 months later my score is 695 and I now have $28,000....not quite the 20% i need to get a decent 2bd invesment property but with the credit score I was approved for a $180,000 townhouse

You have 2 options depending on your time frame. If you need to buy the house now, find a family member who will co-sign for you. FHA will allow a co-signing borrower that does not live in the property. Or if you are willing to wait a few months, preferably like 6, go to your local credit union, take some of that cash and get a secured credit card. Basically you put money on deposit incase you default on the credit card. How much you put down will determine your credit limit on the card. Other than that it works the same as a regular credit card. Then as long as you make your payments on time it wil build your credit. And since you have no bad credit affecting it, if you make the payments on time you should have a good credit score fairly quickly. Just keep the balance on the card between 20 & 30%. So it shows use and payments but nothing crazy. If you get up to 50% of your limit or higher it will go negatively on your credit so be careful.