I know that man. Let me add an addendum-
With the scenario I set up, it's pretty much a given that you can do it.
With portfolio lenders that manually underwrite (also VA or FHA in many cases), you are 100% correct. You'd need 10% down (at the very least) and could do it with no credit, especially if you can at least prove you pay SOMETHING (rent, utilities, cell phone) on time.
I never said you have to have a credit card to get a mortgage. I was just telling Lazamataz that in his scenario he probably could do it.
Sorry, not trying to jump down anyones throat, just hear so damn much garbage passed on to folks as fact that isn't, particularly regarding credit and borrowing and mortgages that it just really irks my chain.
So many folks out there preying on the misinformed, that it just drives me nuts.