No Credit ... Basically

Joseph asks if it's possible to refinance a house with basically no credit. Dave says yes.

QUESTION: Joseph on Facebook asks if it’s possible to refinance a house with basically no credit. Dave says yes.

ANSWER: The question is can you get a mortgage with “no credit?” Yes, you can if you have “no credit.” If you have bad credit, that’s not “no credit.” If you have slow credit, that’s not “no credit.” “Basically no credit” sounds scary to me, Joseph. I don’t know what you’re talking about. You either have “no credit,” or you don’t have “no credit.” You don’t “basically have no credit.” That word you threw in there—that caveat word—makes me think something else is going on here. But if you have not borrowed money, you have no credit history whatsoever, your credit score is undeterminable—zero—if you’ve been solid on your job for two years, you have reasonable equity in the home, and you’ve paid the home on time (you do have credit, by the way, you have a mortgage—good or bad, whatever it is), then what’s going to happen there is you should be able to qualify. That’s what you’ve got to look into.