NO CREDIT SCORE

NO CREDIT SCORE FHA MORTGAGE LENDERS

NO CREDIT SCORE FHA MORTGAGE LENDERS OFFER MINIMAL DOWN PAYMENT AND FEES:

• Down payment only 3.5% of the purchase price, down payment assistance and closing costs OK!
• Sellers can credit the buyer’s up to 6% of sales price towards buyers costs and pre-paid.
• No reserves or future payments in account required.
• FHA regulated closing costs.
• Read more about buying a home with an FHA mortgage Bad Credit –No Credit –FHA Guidelines –Debt To Income Limits – 

NO CREDIT SCORE FHA MORTGAGE LENDERS ARE EASIER TO QUALIFY:

• 12 months after a chapter 13 Bankruptcy FHA mortgage Lender approvals!
• 24 months after a chapter 7 Bankruptcy FHA mortgage Lender approvals!
• 3 years after a Foreclosure FHA mortgage Lender approvals!
• No Credit Score FHA mortgage Lender approvals!
• 580 required for 96.5% financing or 3.5% down payment FHA mortgage Lender approvals.
• 500 required for 90% financing or 10% down payment FHA mortgage Lender approvals.
• Bad Credit with minimum 500 FICO credit score with 10% Down Payment FHA. For FHA mortgage applicants with credit scores between 500 and 579 must make down payments of at least 10% down!
• Read more about FHA Qualifying Qualification Summary – Manual Underwrite – Collections-Judgement’s – Bankruptcy or Foreclosure – Compensating Factors –

NO CREDIT SCORE FHA MORTGAGE LENDERS ALLOW HIGHER DEBTS OK & EASIER QUALIFYING:

• FHA allows higher debt ratio’s than any conventional mortgage loan programs.
• Less than two years on the same job is OK!
• Self-employed buyers can also qualify with FHA Mortgage Lenders.
• Read More about Gifts For Down Payment – Documents Checklist – Debt To Income – Student Loans –

FHA MORTGAGE ALL PROPERTY TYPES:

1. Single family Homes
2. Town House- check for lot and/or block legal descriptions.
3. Villas- check for lot and/or block legal descriptions.
4. Modular Homes
5. Manufactured homes
6. FHA Approved condominium – Search Florida FHA Approved Condos

If you have minimal verified payments reflected on your credit report for a full 12 months, you may need to provide alternate trade lines to prove to the lender your willingness and ability to repay debt.

Many borrower ask, “ Am I eligible for FHA mortgage loan if I do not have any credit history?”

USE ALTERNATE TRADE LINES TO QUALIFY

1. 12 Months verified payment history. Either 12 months canceled checks / wire transfer or a verification of rent from a true management company. Private land lord letters will NOT satisfy the lender. You may be able to avoid verified rental history requirement if you have 3 months of future mortgage payments after your down payment and closing cost in your account at closing.

2. ( 3 ) Alternate trade lines- From 3 different sources- Pick from the 3 sources listed below:

• Alternate trade lines can NOT be hand written letters. They must be verified bank payments or come from a direct service provider. Examples of alternate trade lines include Electric company, water, cell phone, car insurance, gym membership or any other verified payment history. Usually you can go online and print out a 1-page payment history for a full 12 months.
• Must be NO 30 day late payments in the past 12 months.
• Must have your name and address on the trade line.

In conclusion, if you can document the ability to make a housing payment along with other monthly obligations you can still qualify for a no credit score mortgage. Please note the no credit score mortgage program does cap the borrowers month debt obligations to 31/43. This means that no credit score borrowers new mortgage payment can be no more than 31% of their monthly income towards the housing. And, no more that 43% of the borrowers income towards the housing expense plus all other payments on the credit report.