{"id":2802,"date":"2016-01-15T21:49:00","date_gmt":"2016-01-15T21:49:00","guid":{"rendered":"http:\/\/teammovemortgage.com\/?p=2802"},"modified":"2020-07-13T22:35:25","modified_gmt":"2020-07-13T22:35:25","slug":"all-i-have-is-1-student-loan-on-my-credit-report-can-i-buy-a-home","status":"publish","type":"post","link":"https:\/\/teammovemortgage.com\/blog\/all-i-have-is-1-student-loan-on-my-credit-report-can-i-buy-a-home\/","title":{"rendered":"All I Have is 1 Student Loan on my Credit Report, Can I Buy a Home?"},"content":{"rendered":"

What if, for one reason or another, you have very limited credit\u00a0such as just one loan reporting paid on-time?<\/p>\n

Believe it or not!<\/strong>\u00a0 It is possible for a 1st Time Buyer<\/strong> <\/span><\/a>to purchase a home with only\u00a0one loan reporting on credit\u00a0AND we actually just closed a No Money Down purchase like this!\u00a0 Imagine, you could be relaxing in your own back yard oasis!<\/strong><\/p>\n

\"firstWhether you\u00a0have very limited credit\u00a0because you are\u00a0recently\u00a0graduated from\u00a0college, new on a job, unsure of what type of credit to establish, or just flat out don’t like debt, it is still possible to get a home loan with low to no money down.\u00a0 One thing to remember is that if you have very limited credit, it needs to be good credit.\u00a0 For instance, if a borrower has several collections but only has one on-time account, that would have a very hard time getting approved.<\/p>\n

[av_button_big label=’Melody Lankford $1000 Scholarship Available’ description_pos=’below’ link=’manually,http:\/\/www.lankfordlawfirm.com\/scholarship-opportunities\/’ link_target=’_blank’ icon_select=’no’ icon=’ue800′ font=’entypo-fontello’ custom_font=’#ffffff’ color=’theme-color’ custom_bg=’#444444′ color_hover=’theme-color-subtle’ custom_bg_hover=’#444444′]
\nScholarship available to college students in & around Volusia County, FL
\n[\/av_button_big]<\/p>\n

So How Did We Close a First Time Buyer with only 1 credit trade line with No Money Down?\u00a0 Check out the Details!<\/h2>\n

Obstacles to Overcome on this Purchase:\"limited<\/h2>\n
    \n
  1. Very limited credit report – Only 1 loan reporting (paid on time) for over 12 months<\/li>\n
  2. No derogatory credit – Since\u00a0the credit\u00a0is limited this is important for approval<\/li>\n
  3. No money down – Needed a way to buy with no out of pocket money<\/li>\n<\/ol>\n

    How We Solved These Obstacles So the Buyer is Now a Homeowner:<\/h2>\n
      \n
    1. USDA<\/strong><\/span><\/a> No Money Down Required- Buyer actually received money back at closing!<\/li>\n
    2. Used alternative credit reference to meet credit minimums – Car insurance paid on-time<\/li>\n
    3. Proved on-time rent history – If you rent, learn how to document it<\/a><\/strong><\/span><\/li>\n<\/ol>\n

      So even though many believe a buyer must have extensive and perfect credit to purchase a home, this proves that with\"first as little as on-time rent, paid as agreed car insurance, a loan or credit card paid on-time for 12 months, and a good credit score, buying a home with no money down is a REALITY<\/strong>.<\/p>\n

      Count on our team of USDA loan experts to have the guideline knowledge and\u00a0a CAN DO Attitude in order to make your dream of owning a home come true.<\/strong><\/p>\n

       <\/p>\n

      [av_button_big label=’Tell Your Scenario to Our Team Of Mortgage Experts’ description_pos=’below’ link=’manually,http:\/\/teammovemortgage.com\/contact-us\/’ link_target=’_blank’ icon_select=’no’ icon=’ue800′ font=’entypo-fontello’ custom_font=’#ffffff’ color=’theme-color’ custom_bg=’#444444′ color_hover=’theme-color-subtle’ custom_bg_hover=’#444444′]
      \nLet Us Help You Take the First Steps To Homeownership!
      \n[\/av_button_big]<\/p>\n

      Additional Resources:<\/strong><\/p>\n

      USDA has a minimum amount of credit experience for USDA loan approval<\/a><\/strong><\/span><\/p>\n

      FHA Mortgage approvals with limited credit or low credit scores<\/a><\/strong><\/span><\/p>\n

      Common misconceptions about credit scoring<\/a><\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

      What if, for one reason or another, you have very limited credit\u00a0such as just one loan reporting paid on-time? Believe it or not!\u00a0 It is possible for a 1st Time Buyer to purchase a home with only\u00a0one loan reporting on credit\u00a0AND we actually just closed a No Money Down purchase like this!\u00a0 Imagine, you could […]<\/p>\n","protected":false},"author":2,"featured_media":2397,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5,33,17,167,41],"tags":[9,169,599,166,172,315,600,42],"class_list":["post-2802","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-1st-time-buyers","category-frequently-asked-questions","category-products","category-success-stories","category-usda","tag-first-time-buyers","tag-limited-credit","tag-marcela-melo","tag-mortgage-credit-score","tag-no-credit","tag-no-down-payment","tag-no-money-down","tag-usda"],"acf":[],"yoast_head":"\nLimited Credit?\u00a0No Money Down Home Loans Available<\/title>\n<meta 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