The first thing that the lenders mostly
look at while someone wants to buy a home is the credit history. People mainly
have the traditional lines of credit like as auto loans, credit cards or a
current mortgage, which can create a record of how people manage debt.
However, in case you have no credit score,
it might be harder for you to establish a set of credit stats. In addition,
this thing can make it tough to find out a mortgage lender, who will be ready
to work with you. However, this does not it is impossible to get a
mortgage with no credit. Therefore, here are the ways to get home loans
with no credit check.
- Get a
mortgage loan backed by the FDA or Federal Housing Administration
- Opt for a
smaller credit union or lender
- Ask the service provider or the landlord to report on the utility payments and on-time housing to the main credit reporting agencies. Get more information to apply for mortgage loan with no credit!
Even in case you have no credit history
from the point of view of a mortgage lender, the payment history will be out
there. This is a little harder to locate, making it difficult for the computers
to generate credit score.
In case you do not have a conventional
credit history, then the option of buying home will be to consider a home
loan with no credit check backed by Federal Housing Administration. In
this case, the successful applicants need to show minimum one year of:
- No
delinquency on the rental payments
- No collection
of accounts instead of the medical-related incidents
- Not more than one month of delinquency to other creditors like as vehicle insurance or utility payments
However, only because you quality for a
FHA loan, this does not mean that the best mortgage lenders would open the
doors to you. The majority of the financial institutes do not offer no credit
score mortgage loans, as they do not prefer to go through the hassle of
collecting a paper trail manually. To learn more about the mortgage loan no
credit, you can consider paying a visit to www.mortgagrefinance101.com