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Updated almost 12 years ago,
Getting Started Financing with No Credit
First of all, I'm 21 years old in Birmingham, AL, about to graduate college, and I have no debt. I also don't have any credit built yet. How can I start? I've heard of people "piggy-backing" off their parents' credit to give some credibility to the young person. What are other ways?
Are there ways to be loaned money without credit? (other than putting up everything you have as collateral?)
I still have a lot to learn about financing property. I am mainly interested in multifamily units, which I have read are similar to single-family homes in terms of financing.
I don't know much about FHA loans, but I've heard they only require around a 3.5% down payment to get a loan. Is this true? Would that mean I would just be responsible for a down payment in terms of money required to purchase a multifamily unit?
I need some more information. Any direction would be fantastic.
Also, I don't have any properties in mind just yet. I am not about to just jump in and flounder. I am taking my time trying to learn the steps involved as well as who I need to contact to get things rolling.
Thank you all in advance,
A newbie