What is a normal rate mortgage loan for someone who has no credit? (Living in central OK)?

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I’m looking online at some houses and have never tried to buy one before. I’ve always rented. I live in central Oklahoma and have almost no credit. I know that the offer is like 5-10%, but that’s all I know

  1. Reply
    Gaytheist Buddha
    February 2, 2011 at 2:47 pm

    Current rates for a conventional conforming 30 year mortgage are about 5-1/4% with 1 point. You may pay higher points with low credit.

  2. Reply
    Sharon T
    February 2, 2011 at 3:33 pm

    With no credit, you probably don’t have to worry about rates as you may not find a mortgage at all.

  3. Reply
    February 2, 2011 at 3:34 pm

    It depends on which type of loan and through what lender you get it from.
    FHA and USDA will allow the use of alternative trade lines to “establish” credit for borrowers that have “thin” credit histories. At the same time, not all lenders will do these programs because of their minimum credit score requirement.

  4. Reply
    February 2, 2011 at 3:36 pm

    Mortgage loan is a term used for the loans secured by a property. Mortgage loans refer to a loan secured by residential property, often for the purpose of securing real estate. Mortgage loans are priced lower than other loan structures because the value of the property risk for the lender.


    A fixed rate mortgage loan has its own benefit. If the borrower is budget conscious, he will remain at peace because the monthly mortgage amount will not change.Fixed rate mortgage loan is a loan where the interest rate remains the same through the term of the loan. Fixed rate mortgage loans are the most traditional form of loan.

  5. Reply
    February 2, 2011 at 4:36 pm

    Dear ,

    May be this site can help you  

    Best Of Luck,

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