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How I Bought A House With No Credit Score

George Kamel 126 views

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I don't trust you buddy
Comment from : @lebron-z2s

Peeped your Fleetwood Mac record in the back Got the exact same one on my desk 😎
Comment from : @NinjaTrollzTV

So you avoided a credit score so you can go get a loan from the bank and take on debt 🤔
Comment from : @AdamG20x

Why not just use a credit card like a debit?
Comment from : @SilentSputnik

Quick reminder folks he knew the banker / loan officer who approved him to do this and helped him make this happen Keep in mind - he's well known enough here in Williamson County, TN that it's easier for him to do this than it might be for you He makes it sound easy It's not
Comment from : @southerngirlsociety

These ideas were a lot more palatable when homes were $120k not $550k
Comment from : @YetiMama

Thank you!
Comment from : @Troythr

Umno offense, but this has not been my experience whatsoever We just began our home-buying adventure, and my husband and I have no debt and a decent down payment The lender said he can't give us a loan without a credit score, and I don't have one Fortunately my husband has an 800 score from just buying gas on his card and paying it off a week later (never been late; never spent it on anything he wasn't already going to buy in cash and could afford) The lender says my husband needs to put me as an authorized user to generate me a score since I have 0 credit Maybe in Tennessee, things are different but here you're barred from owning a home without credit Even with 0 debt and a master's degree and a full-time position Also, I am the sole provider and make about $3,600 gross per month, supporting my husband and son How am I supposed to afford a 15-year fixed mortgage?
Comment from : @zeldachickofficial

Too much work, get a credit card to pay your utilities and enjoy an 800 credit score
Comment from : @CaptainBenjamins

The 25 rule is the difficult part Mine is 34 at the moment
Comment from : @toonsoffun5733

I get 2 cashback on all my purchases with my credit card though
Comment from : @daltonshoopman908

Can I rent a home with no credit score?
Comment from : @annahayes3525

I bought a house without a credit score I just used cold hard cash
Comment from : @Nurseakeem

Wow these people are so out of touch with reality that it's not even funny If I follow this advice, MAYBE I'll be able to afford my first house when I'm 60
Comment from : @JustinDaniels

This video assumes that I could ever even save up enough money for a downpayment, and that I could afford a 15 year mortgage when I can't even afford a 30 year mortgage on a house
Comment from : @JustinDaniels

Who knew you were so funny?🤷🏻‍♀️
Comment from : @310filmbuff

Does manual underwriting for car loans too?
Comment from : @andrewluchterhand537

I remember when I was working in real estate seeing people buy homes new from builders with the intention of selling before close of escrow to a new buyer for profit The crash was so brutal and fast that I remember seeing a lot of these units foreclosed on with the builder plastic still on the carpet
Comment from : @barttfisher

George, you’re definitely one of my favorites Heard of Ramsey for years but just started watching/listening to his show You and Jade are my favorites together
Comment from : @tamaradebose

Did you know because of HJR -192 public law 73-10 chapter 48,48 112 clearly states there is no money, so putting money down for anything is why you are being taxed the interest for its use,
Comment from : @Moonpiebye

But your promissory note is paid for the house at closing when you signed for the loan, breakdowna promissory note is a cash proceedbanks do a Helco process The credit and money goes to the warehouse lender, the bank pays off the warehouse lender with the note, they sold themat closing the bank note is sold at closing, the note is sold to the warehouse Institution, you are suppose to get a cash receipt, did you know the warehouse institution brings the money into the bank when you brought the note, the bank takes the money and close out the account on oneside, but the bank doesn't tell you this, this is the problemsmh , did you know the bank owes you money for using the note to create money, they owe you, did you know if you put in your claim under recoupment folks, you can get the money because you deposit a security to create money
Comment from : @Moonpiebye

Hello, exactly I have no debt and folks look at this weird 😅, I think it's dumb to be in debt to aquire thingssuch as a home, makes no sense
Comment from : @Moonpiebye

what about a bad credit score
Comment from : @brendasmith4220

what type of income do you need to be making for this to all happen?
Comment from : @Azer583

Get to the point
Comment from : @loovchild1

This whole thing sounds not smart at all Debt is the best tool available for lifelong asset gain
Comment from : @superjeffstanton

I will love to have my own house
Comment from : @dionnewhitaker6505

Who can I goto for manual underwriting ?
Comment from : @6245mph

Can the banks do Manual underwriting for a car loan? Or is thins only for large loans like houses and property?brbrThanks
Comment from : @dubbleA100

So they check your rent paymentshow do you get a rental contract for an apartment with no credit score? I need to start there lol
Comment from : @Sunflower1399

Good luck being someone in your 20s buying a house with 20 down 15 year fixed loan that’s 25 of your take home pay That’s a bit excessive
Comment from : @tonyfrese6903

@george Didn't your credit score kick in after you got a mortgage, as it is a debt?
Comment from : @akshaysalvi-it-is

I love blacbird donuts in boston
Comment from : @Janiiii

Thank you for making a video on this!!!! This is so clear, to the point, and helpful!! I still have relatives that believe the only way is through credit :/ I'm glad I can share this with them now 🎉
Comment from : @bensullivan5417

I still think doing the 30 and making double or even triple payments a month would be a lot better you’d pay it so far ahead you don’t Have to think about paying in the case of an emergency
Comment from : @Zero-eq7mp

Great engaging, amusing clips with practical content George Love the fresh take on the Ramsey principles I don't have a credit score either because I'm non-existent in the eyes of financial lenders😂
Comment from : @kfing1

Does this still work in 2023 or 2024 ?
Comment from : @marcellosurfs

If mortgage is our only debt, will credit score be too low if we want to sell our house and purchase another? If you need another loan could you still get good interest rate since now you have a credit score? Thanks!
Comment from : @tomas_houser

It's recommended to save at least 15 of your income in a 401k You can use online calculators to estimate how much you should save based on your age and income Saving at least 15 of your income in a 401(k) can help ensure that you have enough money to retire comfortably By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time
Comment from : @jamesatkins88

25 of your take home pay at 15 years and 20 down? Yeah let me just find a 112k home after saving up 225k I don't think that's possible even in the midwest
Comment from : @joe3683

So, now that you have that mortgage And it's your only line of credit, what credit score do you have now?
Comment from : @jeremiahmorrell5622

How would you buy a house in California? They are expensive
Comment from : @LuisLopez-dj2bw

Swole
Comment from : @BasicBeachCommunity1

The Costco hot dog is the best deal in America!
Comment from : @leroymorris6036

I did this too and you NEED TO KNOW that apples tp apples you WILL GET at better rate with a high credit score and little to no debt vs no debt and a zero credit score This is a fact
Comment from : @tkordik

For almost 20 years, I saved my money and bought all of our cars in cash, no credit cards for the same time, and when I went to buy a brand new car, I had no credit history The company was basically like wtf??? It's called save your $$, and pay with what you make, not borrow and buy gum with a credit card And yes, I subscribed because I agree with many of your views and ideas
Comment from : @bradkroboth5490

Finally someone at Ramsey actually sat down and spelled out letter-by-letter how to buy a house without a credit score Dave has been preaching this for years but I don't ever remember him taking the time to explain step-by-step how to do it
Comment from : @ralstondorn7874

You are so hilarious and informative at the same time! Great video, George! 😊
Comment from : @shirleyminish9799

My question would be, why? If it gave you a score and you have a loan was it just to show that you can have bad credit/no credit and still be able to buy a house?
Comment from : @fcoronel1

As a European citizen, this thing with credit score seems ridiculous, I for one have no credit card, I always pay with my debit card with my own money And if I need a loan for a house, they will give me in acordance with how much I earn per month This is way more logical
Comment from : @andrei007ps

Seems like a lot of work just to not own one credit card, use it once in a while and pay it offbrI understand irresponsible people not having a cc but those people wouldn’t get a no score loan either
Comment from : @teresateresa8933

What absolutely terrible advice literally could get sued for this
Comment from : @LongNguyen-ho9qf

This guy is way too funny It’s unacceptable K fine, I accept
Comment from : @brandonairey4040

George, what's the usual time frame to get the manual underwriting process?
Comment from : @arthurtam9714

George is swagalicous
Comment from : @MDMase-m1b

lol those dogs so cute
Comment from : @nuhamiley3128

When we approached a bank about lending with no credit score they said we would just need to provide proof that we had been making regular payments to several TV info for at least the last year (phones, water bills, gas, etc) no big deal
Comment from : @racheln4309

🔥
Comment from : @bradmitchell5217

Costco hotdogs are sold at a loss
Comment from : @luckylarue7885

I'm a new fan of George His videos are very well made
Comment from : @johnsantiago4810

GOD bless Is there anyway I could get a hold of you? I would really love And need your input Thanks
Comment from : @philly777l3

I wish we can do this with car loans 😭
Comment from : @eseantonio7856

If they will approve a loan for someone making 60k a year for a 400k house…it seems like they would approve someone with no credit score Makes sense Learned something today
Comment from : @TS1023TS

I agree with a lot of the Ramsey teachings but when it comes to home purchase, I don’t They are living in a fantasy world when it comes to average Americans buying homes Sure, it sounds good on paper but most people cannot afford what they recommend No one ever went broke listening to the Ramsey show but it is wishful thinking if they are recommending people stay within a 15 year fixed and no more than 25 take home Let’s look a those numbers for a minute The median home price in the US now is around 380k If you put down 20 to avoid PMI, that’s about 76k not including closing costs (1-2 of purchase price) Most people don’t have 76k to put down on a house especially with inflation and current prices on rents On a fixed 15 year with about a 6 interest, the payment with taxes and insurances depending on the state you live in and a credit score above 780, comes out to about 2900-3100 a month Again all depends on the property taxes and we didn’t even factor in an HOA So, on a 15 year mortgage to stay within the “25” take home pay threshold, you would need to make about 140k per year on the low end and 150k per year on the comfortable end Who makes 150k a year? Is that the median salary in the US? NOPE We don’t even have combined income households at that income level Once again, it’s not in line with reality I would agree with these numbers possibly before the pandemic But since the pandemic, home prices have gone up 30 to even 40 across the country which is the largest and fastest home price appreciation we have ever seen The prices appreciation is also turning in the other direction faster than we have ever seen But but but it’s not 2008………sign…brI really feel sorry for the people who have prepared themselves over the years to purchase a home and were responsible with money My wife and I saved up 320k in cash to buy a home over 12 years of literally blood, sweat and tears We were ready to pay cash but since the incompetent federal reserve completely screwed over responsible savers and home prices have skyrocketed, I’m not handing over 100k extra for a house which was 4 years of hard work I’ll be sitting this one out for a few years with my popcorn
Comment from : @theflightsimulationexperie6894

Dam my weekly mortgage payment is over half our weakly income and it sucks Even with 20 down payment Im not sure ive heard of 15yr loan here in NZ, usally 25-30 years
Comment from : @lauren15988g

Two questions what are the fee comparisons between an auto underwritten loan and a manually underwritten loan?brbrAlso, does Dave have a stake in Churchill Mortgage?
Comment from : @mattcollins4550

I tried to get manual underwriting through ChurchillbrbrThey shot me downbrbrFound a private investor Set the mortgage for 30 years and paid it off in 3 1/2
Comment from : @markb2007

Please update this with the new world order Biden admin the better your down payment the more interest you pay Update pay cash for a house🤷🏽‍♀️
Comment from : @Mrsmetamorphosis2012

This guy is hilarious! He brings so much to the Ramsey Team I must admit, sometimes the Ramsey show can get redundant but George really adds a special personality to it
Comment from : @chrisandstefaniespinoza-ma473

Great money advice AND a great sense of humor This show is a winner
Comment from : @danielawerner6558

unfortunately couldn't find this for canada so i have to keep playing the dirty score game to get a mortgage here
Comment from : @blustraw

Thanks for clarifying I hate to follow the toxic trend of the world so now I won't
Comment from : @MichelleyValdivia

Excellent video and content
Comment from : @lorarooks5515

Hello, I am in baby step 2, question is how can I get 0 credit score? Will it start going down after I pay and close my cards?
Comment from : @yevheniimelnyk8911

Can confirm possible I too was able to get a home loan without a credit score Ironically, it was while Bernanke and Obama were telling people they couldn't even get loans Not every bank will do manual underwriting, but they're out there
Comment from : @JonathanDixon3

George, you should start building a credit score, but keep it low That way you qualify for the mortgage rate discounts that the current administration is giving for low credit scores 🤣 Absolute madness
Comment from : @brandon9715

I have a credit card for internet safety I pay it off the same minute I charge on it Easy peezy No way will I use a debit card on the internet
Comment from : @thefpvlife7785

Those guidelines don’t work for the average Joe making 60-80k a year in California
Comment from : @mrcrowleyoz

I found your channel today brI love it brother, keep them coming! 💪🙏⭐️
Comment from : @USprotector

Definitely don’t get the 15 year mortgage If you’re goal is to pay it off in 15 years, you can still do that with a 30 years mortgage by making extra paymentsbrbrBut when you hit hard time (like being laid off), even when you have a big emergency fund, you’ll be thankful you have a lower paymentbrbrRemember, a 30 year mortgage can always be paid off in 15 years But it’s really tough to pay off a 15 year mortgage in 30 years
Comment from : @JaydonTobler

I like you Georgebut this video didn't really have any meat to it man You baited me into watching this video JUST to have me watch another one Very Kiyosaki-esque in my opinion :/
Comment from : @seangeary7100