After spending over 16 years in the mortgage lending industry I have identified seven myths that consumers commonly hold regarding their credit. In this series of videos I am going to breakdown each myth and help you better understand how your credit scores are determined so that you can achieve a better outcome for your next loan application.
The seventh myth is that an applicant without a credit score cannot qualify for a mortgage. Please watch this short video to learn the truth:
It is possible for people without a credit score to obtain a home loan. They have to be able to demonstrate that they have made on-time payments for other recurring payments such as rent, utilities, insurance or other similar bills. This is known as a “non-traditional credit reference”. This approach may not be used for an application with a credit score that is too low to qualify.
If you would like to learn if this loan program would work for you please contact me today!