Need advice on how to do this is it even possible we are currently paying on a 20 yr mortgage?

Posted on Feb 2, 2012 in Mortgage Advice | 1 comment

Question by blahblahblah: Need advice on how to do this is it even possible we are currently paying on a 20 yr mortgage?
our current home is owner financed but we are interested in another house that’s better than ours they’ve only payed 16 out of 30 yrs. They won’t do owner finance so how would we go about getting this house? Please help! We don’t have credit cards and have never applied for a bank loan. Would a bank even be interested in loaning to someone with no credit history?

Best answer:

Answer by Judy
Ask your current home lender to write a letter stating that you have been paying on time and never late for all the years. Write this letter for him, ask if he will mail it back to you signed.
You will take this letter to your new mortgage lender.

I bet you have a 20% down payment.
This will speak volumes when buying a home.
No credit is always better than bad credit.
And the fact that you bought all your cars in cash and never borrowed for anything shows some serious credit worthiness and stability.
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