If I am a new immigrant with no credit score, how do I get home loan?

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If I am a new immigrant with no credit score, how do I get home loan?

I will be a New Immigrant in June or July 2019, in the f4 category. I am a
gynecologist in Bangladesh. I would like to get a home loan, but if I have no
credit history, what are my options? I can pay around 50,000 in down payment.

Asked on January 4, 2019 under Real Estate Law, New York

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

There is no law denying you a loan as a new immigrant, or saying that you cannot get a loan without a credit history; but there is also no law entitling you to a loan. Loans are completely voluntary on the part of lenders: all you can do is try different lenders and see if any will offer you a loan. Try various kinds of lenders: big banks; small, community banks; credit unions. Try in particular any banks or lenders serving your immigrant or ethnic community or with ties to your country of origin. You may have to save up until you can put down a larger-than-normal downpayment, to offset the lack lf a credit history; or initially buy a smaller property than would ideal, build up a credit history with it, then "trade up" to a larger one; or rent some a few years, while building up a credit history with credit cards, buisness loans, etc.


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