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Ways to get a No-Credit Home Loan

Ways to get a No-Credit Home Loan

The clear answer is yes, however it may simply take some work.

Methods to Document your Credit Rating

Because you don’t have a credit score, you have got a credit history of zero. The credit history is considering the given information included in the credit rating. A formula can be used because of the three credit reporting agencies to determine the credit history also it can vary slightly from agency to agency. You are able to use the knowledge found in this formula should you want to make an application for a no-credit home loan. That information shall provide you with an idea concerning just exactly what mortgage lenders are searching for. The percentages for the aspects of the credit rating which can be found in the calculation of a credit history are:

  • 35% – Payment History
  • 30% – Amounts Owed
  • 15% – Length of your credit rating
  • 10% – Types of Credit Used
  • 10% – Brand Brand New Credit

Realize that the very first part of the credit rating that home loan loan providers give consideration to, plus the one with all the most fat, is re payment history. Rather than a mortgage loan lender depending on a credit rating to ascertain whether or not they should extend a no-credit mortgage loan for you, you’re going to have to offer another kind of proof for them you are an excellent credit danger. Continue reading Ways to get a No-Credit Home Loan