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How can I get a loan if I have no credit history?

How can I get a loan with no credit and income history?

  • I have no credit history but I have 2 rental homes that are paid off that I just bought. I have no more cash reserves, and am interested in buying a third rental home. I have no income history and no credit history.

  • Answer:

    You can get a secured loan using the houses as collateral. You do need to establish a credit rating for doing things like this. Get a couple of credit cards to help. Since you already have been smart enough to buy and pay off two high risk loans, you know how to not abuse credit so monthly zero balance or close to it will get you a good rating inside two years. As for income source, self employed for " x " years as landlord and tax returns will get you what you need.

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You go to the bank and you tell them that you have 2 homes that you paid fully in cash. They will help you get that third home with a loan It does not cost anything to make an appointment at a local bank for this

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