Credit Score Requirements
I Have No Credit Scores, Can I Get a Mortgage ?
No Credit Scores, believe it or not it's very common. There are lots of people out there that don't have any credit. It is like a double edge sword, no credit could hurt you, but Bad Credit will definitely hurt you. Normally people that have no credit scores, fall into two categories.
1. Young and just starting out.
2. I pay cash for everything.
Luckily there is hope for individuals that don't have credit scores and want to buy a home. There is a loan called FHA, which is a life saver for lots of happy homeowners. FHA is the single largest insurer of loans in the world. This particular loan is more lenient with banks, because it is insured by HUD. The qualifying process is less stringent. FHA does not require credit scores to get a mortgage. It offers an alternative in place of no scores. It will allow you to provide alternate lines of credit. Typically the underwriter will require 3 sources. The following would work.
1. Last 12 month payment history from any utility company.
2. Day Care payment history for the last 12 months
3. Letter from car insurance provider.
4. Life insurance payment.
I have personally helped many families that had no credit scores get a mortgage. Here are some of the benefits of a FHA loan.
1. Low down payment
2. No credit scores required
3. Easy credit qualifying
FHA has been helping families since 1934, and its still is doing so. Even with all the changes going on in the mortgage industry, this particular loan is still the strongest provider of home ownership today. So if you don't have any credit scores, the answer is yes, you can get a mortgage. FHA typically requires 3% investment from the buyers, but it will allow you get a 3% gift from a blood relative or Bond money assistance from your local city. It will also allow the seller to pay 6% of your closing costs, so you can essentially get into a house with little or no money at all. Are you currently in a CH 13 bankruptcy? No problem, you can get a mortgage as long as you have been in the bankruptcy for a minimum of 12 months. The trustee is required to give written permission for you to purchase a home. There is no other loan program that has this type of guidelines. You can also get low interest rates with FHA, even though you have no scores, or low scores. I personally think its one of the best loans to help low income families into a mortgage. Do you have medical collections; well FHA does not require you to pay of medical collections, even recent ones. So I think you get the idea, it's a great loan for all types of situations.
About the Author
About the Author: Mike Clover is the owner of http://www.my720fico.com . My720fico.com is one of the most unique on-line resources for Free Credit score reports, Internet identity theft software, secure Credit Cards, and a BlOG with a wealth of personal Credit Information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.
What's the minimum or Average Credit Score a car dealership (luxury) look for?
Hey all! While most dealerships never tell you the score they look for, i would just like to have an idea of what they would totally approve of? i.e. their minimum requirements. If you have a car on your credit, with an exceptional payment record along other payments, would that be a plus? i would think so!
Thank you very much in advance for all your answers!!!
Most of us will only be able to offer a GUESS, why not just go (or call) and ask them.
I am sure that at this time they would be willing to take less than perfect credit seeing that most people are probably not fliping over themselves to get into a luxury car with the state of the economy being what it is.
credit score.MP4
 |
 HP LaserJet 4200 Printer ONLY 330 Page Count Q2425A  US $139.00
|
 100 AUTHENTIC CHANEL BLACK CREAM CC LOGO HEELS 395 9 SEXY US $299.99
|
 100 AUTHENTIC PURPLE LOUIS VUITTON CITADINE EMPREINTE AUBE PM US $1,999.99
|
 100 AUTHENTIC SEXY LOUIS VUITTON BLACK SUEDE BOOTS w LV LOGO US $599.99
|
 HP LaserJet 4200 Printer Q2425A 57k Page Count US $119.00
|
 MOTOROLA DROID 4 4G LTE $9999 w New Verizon Contract Android Cell Phone US $.99
|
 IBM ThinkPad PORT REPLICATOR A R T X 02K8668 02K8667 US $.99
|
 Q2425A HP LaserJet 4200 Printer 36k Page Count US $119.00
|
 IBM ThinkPad X22 Port REPLICATOR Dock DOCKING STATION US $.99
|
 IBM ThinkPad X24 Port REPLICATOR Dock DOCKING STATION US $.99
|
| Powered by phpBay Pro |
We hope you liked our selection of Credit Score Requirements, here a few more related products that might interest you;
 |
Harry Potter and the Order of the Phoenix List Price: $20.96 Sale Price: $10.27 Used From: $5.00  |
|
No Description Available.Genre: Soundtracks & ScoresMedia Format: Compact DiskRating: Release Date: 10-JUL-2007 |
 |
Final Fantasy XIV List Price: $59.99 Sale Price: $59.99 |
|
Final Fantasy XIV PS3 |
 |
Real Estate Empire List Price: $19.99 Sale Price: $2.34 Used From: $3.00 |
|
Have you got what it takes to rake in the cash?Product InformationHave you got what it takes to be a Real Estate Tycoon and build your own empire? Just investing is not enough. You will need all your fiscal powers to buy renovate and sell your portfolio for a profit as you fend off competition from four other computer controlled would be real estate tycoons... |
 |
PHR / SPHR Professional in Human Resources Certification Study Guide List Price: $59.99 Sale Price: $33.75 Used From: $33.44 |
|
Updated edition of best-selling guide for PHR and SPHR candidates The demand for qualified human resources professionals is on the rise. The new Professional in Human Resources (PHR) and Senior Professional in Human Resources (SPHR) exams from the Human Resources Certification Institute (HRCI) reflect the evolving industry standards for determining competence in the field of HR... |
 |
Your Credit Score: How to Fix, Improve, and Protect the 3-Digit Number that Shapes Your Financial Future, 2nd Edition List Price: $18.99 Sale Price: $3.99 Used From: $0.01 |
|
“A great credit score can help you finish rich! Liz Pulliam Weston gives solid, easy-to-understand advice about how to improve your credit fast. Read this book and prosper.” –David Bach, bestselling author of The Automatic Millionaire and The Automatic Millionaire Homeowner “Excellent book! Insightful, well written, and surprisingly interesting... |
Other recommended sites for Credit Score Requirements
Credit Score Requirements
Tagged with: credit • credit score requirements • credit score requirements for credit cards • credit score requirements for fha • credit score requirements for fha loan • credit score requirements for mortgage • credit_score • energy_efficient_mortgage • fha_loan • florida_mortgage
Filed under: Improve Your Credit Score
Like this post? Subscribe to my RSS feed and get loads more!
Leave a Reply