“You might get a loan, but it will be considered sub-prime and your interest rate will be as much as 6X what you will get with an established credit history.”
Only when you use those “good credit yes, bad credit no” companies that could hire monkeys to press computer boards. If you use an underwriter, then you will deal with thinking people. Of course, they are old school and want to make sure the borrower enters with 20% equity and has the means to pay the actual monthly bill...
;-)
I won't mention the bank name, but I'm sure they have monkeys on at least some of their keyboards.
If you use an underwriter, then you will deal with thinking people.
This one went to review by an underwriter, and the answer was the same. She went to another bank (where I have been a customer for many years), and got a loan with no problem.