Interesting how certain lenders will allow borrowers to establish credit for home purchase.
A friend of mine called. He wants to mortgage his home. His grandmother left it to him and he has no verfiable credit history.
I contacted my wholesale account representative at who advised for my friend to show proof that he’s either had:
• Cell Phone
• Electric Bill
• Trash Removal Bill
• Water Bill
• Gas Bill
• Insurance Bill
If my friend can provide 3 separate accounts from the above list and he’s had them in place for one year, he’s good to go on a non-conforming mortgage and he can purchase a new house or refinance 90% of the value of his existing property.
If you need more information about how to establish credit for a home purchase, please contact me directly. Submit a mortgage application.
Also see: No Credit? No Problem!