I am graduating in the spring and looking to buy a home to move into immediately after graduation. I haven't ever had a credit card and don't have a credit score. It is my understanding that a credit score is absolutely necessary to buy a house and get a mortgage, is this true?
I will have 20% for a down payment and on a 15 year fixed rate mortgage my payments will be below 25% of my monthly income. (for the price range that I am looking at).
I guess I feel that if a college grad has no debt, the down payment in hand, and a stable income that easily supports the house payment, they should realize that I am a good money manager and they shouldn't need a credit score.
TIA for your comments!
I will have 20% for a down payment and on a 15 year fixed rate mortgage my payments will be below 25% of my monthly income. (for the price range that I am looking at).
I guess I feel that if a college grad has no debt, the down payment in hand, and a stable income that easily supports the house payment, they should realize that I am a good money manager and they shouldn't need a credit score.
TIA for your comments!