Posted by Bruce Lawson on July 03, 2001 at 10:37:00:
Hi Edmund,
There are many ways of making deals happen without good or any credit. But you should concentrate on establishing a credit profile, continue using your secured credit card and pay off the balances then use it some more. Apply for a credit card with a bank and do the same method as above.
The loan officer is right you need to show you have been making the car payments, and if you have a cell phone you can use that bill for reference. If you are paying utilities keep your stubs and bank statements, all this stuff will get someones attention and you will get a mortgage.
Having NO credit is worst than having less than perfect credit, but when you get some cherish what you have and do not fall victim of creating unnecessary debt and restricting yourself.
Sincerely,
Bruce Lawson
How should i get financing? - Posted by Edmund Palmeri
Posted by Edmund Palmeri on July 02, 2001 at 20:51:09:
Well, i have decided to take the plunge and purchase a 4-plex. Havent decided which one just yet, but i am sure there plenty for sale in the baltimore/d.c. area. I am looking a property for around 150K.
As far as financial numbers, here they are:
I have a steady job in the military (probably 32k a year) documented for past 4 years. I plan on leaving the military within the next year. I dont have any credit to speak of, just got a secure credit card (plan on building credit with that). Now i bought a new vehicle 3 years ago, but GMAC wouldnt give me a loan so i had the car put in my parents name. (Car is nearly paid for.) I have about 18,000 dollars saved up that i am willing to put down. I also have probably 60K in mutual funds, but dont plan on touching that money. I have no debt. Now, i am VA eligible. I want to get as many multifamily properties (2-4 units), how do i go about doing that. I spoke to a creative realtor who recommened this loan officer. This officer basically said get proof of payment of my vehicle/pay stubs/ bank statements and could get a applicaton made. Anyways, am I doing the right thing or not?