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Answers (4)
- Andre-Paul Maddox, "Mortgage Store USA"
- Contributions:49
Yes it is possible to get a mortgage without a credit score. Having no credit score indicates two things you are young and are a first time buyer or you have not used your credit for quite sometime and all derogatory credit has dropped off. Depending on which factor will determine the direction of the lender.
Either way, as lenders we will have to get you to provide us with at least 4 non-tradelines. Tradeline being things you paid on for at least 12 months consistently and are still paying - i.e. rents, cell phone, insurance, phone, etc. We will document income closely and make a case for the underwriter.
Most like, you will have a FHA Loan, My Community or Flex 97 loan and will have to do a First Time Homebuyers Course.
Either way, as lenders we will have to get you to provide us with at least 4 non-tradelines. Tradeline being things you paid on for at least 12 months consistently and are still paying - i.e. rents, cell phone, insurance, phone, etc. We will document income closely and make a case for the underwriter.
Most like, you will have a FHA Loan, My Community or Flex 97 loan and will have to do a First Time Homebuyers Course.
- Brooke & Aaron Hefte, "TeamHefte"
- Contributions:1604
YES. Check out www.daveramsey.com and Churchill Mtg.
- Kimo Jarrett, "All PRO$ Financial"
- Contributions:4
It depends, but it's not impossible.
There are many factors that must be ascertained and after all the elements are known, a professional could determine who could fund your mortgage.
I'm curious about what you call a good down payment, just exactly how much money do you have for the down payment?
There are many factors that must be ascertained and after all the elements are known, a professional could determine who could fund your mortgage.
I'm curious about what you call a good down payment, just exactly how much money do you have for the down payment?
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
Why don't you have a credit score? Do you have a rental history? History of payments for a cell phone bill, utility bill etc?
is it possible to get a mortgage without a credit score. I have no debts but good down payment
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