Buy and hold without a credit score?

[Henry Le]

Hello BP community,

Is it possible to obtain conventional financing from banks without a credit score?  I heard of manual underwriting, but from my research, you have to jump through hoops and most banks don't offer it.  

I don't use credit cards so I don't have a credit score/history.  I just never had a need for them since my expenses are low and I save around 90% of my income due to living at home. I pay for everything in cash and don't have any debt.  I have around $200,000 in liquid assets, primarily stocks and cash.  So my borrowing ability should be better than most with a credit score.  

I haven't contacted any banks regarding my situation. But do you think that local community banks and credit unions will be willing to offer conventional financing to someone without a credit score, but with assets? Someone mentioned FHA loans, but I don't think I qualify.

Any insight would be helpful, thanks!

[Doug McLeod]

Henry - I have heard of others do what @Marshall Downs said, so it can be done.  I will point out however, that good credit is a very powerful tool.  We pay as many expenses as possible on our credit cards and pay them off each month.  It won't take long to build good credit from no credit.  As one of my mentors puts it:  "Credit is short-hand for CREDIBILITY".  It is a financial peek into whether you keep your word and can be trusted with other people's money.