Are you fearful about getting a mortgage as a result of you haven’t any credit score historical past? Look no additional! At MortgageDepot, we perceive that not everybody has a standard credit score rating. That’s why we’re right here that will help you safe a mortgage even if in case you have no credit score.
When NO Borrower has a Credit score Rating
Should you don’t have a credit score rating, don’t fear! MortgageDepot considers debtors with no credit score. To qualify, we require a minimal of two non-traditional credit score sources. These can embrace 12 months of rental historical past, automotive insurance coverage, cellphone payments, utilities, and extra. It’s necessary to notice that no late funds are allowed. Moreover, this program is obtainable for major 1-4 unit properties solely, and all debtors should occupy the property. Whether or not you’re trying to buy a brand new house or refinance your present one, MortgageDepot has bought you lined.
When One Borrower has a Credit score Rating
In some instances, one borrower might have a credit score rating whereas the opposite doesn’t. If this is applicable to you, MortgageDepot can nonetheless assist. For major one-unit properties, all debtors should occupy the property. If the borrower with a credit score rating contributes greater than 50% of the whole qualifying earnings, no guide credit score sources are wanted for the opposite borrower with no rating. Because of this even when one borrower has no credit score, they will nonetheless be thought of for a mortgage with MortgageDepot.
You probably have no credit score, don’t let that cease you from reaching your homeownership targets. Our versatile choices and understanding group are right here to information you thru the method and discover the perfect answer on your distinctive state of affairs. Contact us right now and take step one in direction of securing a mortgage with no credit score.
