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

UPDATED: Oct 1, 2022

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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


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 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.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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