Personal finance tough-talker Dave Ramsey has had plenty to say about the housing market as of late--and it's no wonder. Climbing interest rates, fear of recession, and high demand for homes are just a few concerns looming over potential sellers and buyers alike.
Recently Ramsey retweeted a YouTuber's take on how to buy a home with absolutely zero credit. "To anyone who still thinks you need a credit score to buy a home, George explains exactly how to buy WITHOUT one," he writes.
DON'T MISS: Dave Ramsey Suggests Quick Way For Homeowners to Get Out of Debt
In the video, Ramsey personality George Kamel lays out how to buy a house if you, like Kamel, have looked at the credit system and said "I'm done with this."
How do you tell a bank that you're a reliable borrower without a credit history? Without a credit score, how does a lender even know you exist?! Kamel walks viewers through something called the manual underwriting process in which a lender goes over your financial history by hand. It requires bank statements and recurring regular payment history in lieu of credit.
For folks making enough income to live completely debt-free, this is a fascinating way to go about buying a home. But ditching all loans and credit cards or opting into a 15-year mortgage isn't something everyone has access to. This method is clever, but it also falls in line with Ramsey's "all credit is bad credit" line of thinking.
Still, any money saved is, at the end of the day, more coin in your pocket.
