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The “No Credit Required” Home Loan

Hand writing the text: No Credit?NO CREDIT SCORE? NO PROBLEM!


USE ALTERNATIVE CREDIT TO QUALIFY* (Rent, Car, Insurance, Etc..)

AS LITTLE AS 5% DOWN

GREAT FOR RECENT GRADUATES


The “No Credit Required” Home Loan


No Credit Score Needed Home Loan

No, you did not just travel back to 2003 and the “anything goes” mortgage era.   There really is a home loan option for those who do not have a credit score.  If you think this sounds like the “have a pulse/get a loan” mortgage products from the wild wild west mortgage days of the early 2000’s you are I get it.  It did to me too.

Today, with regulations such as Dodd Frank and TRID in place mortgage lenders would seal their own fate if they offered reckless product like the “No Income No Asset” loans of the past.  Instead, this No Credit Score Needed loan product allows consumers that do not have a credit score to possibly finance a new home while also responsibly and thoroughly qualifying them for a home loan they can afford.

An Alternative to “Credit”

Some consumers choose to live a debt free life.  Other home-buyers are fresh out of college and have very little credit.  Not having a credit score (which is a byproduct of not having enough credit history) does not mean someone is a bad credit risk.  In fact, no credit is FAR better than bad credit by a long shot.

Those with no credit scores can now prove their creditworthiness by documenting at least 4 debts they pay on time.  For example, a no credit score home buyer can document they pay rent, car insurance, a cell phone bill and their gym membership on time.  Mortgage Lenders will consider this “alternative credit” in lieu of a more traditional credit profile and credit score.

All Other Mortgage Rules Apply

The special feature this loan offers is a detour around the no credit score pothole.  However, a consumer using this loan to finance their home will still be required to meet standard employment, income, debt to income and asset requirements associated with other loan products in today’s marketplace.

Article Provided By Jeremy House | PrimeLending | 602.435.2149

*Additional Restrictions may apply. Please contact us for more details.

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