What if I have No Credit Score?
If you have no credit score there may be 2 options. Usually the easiest way to qualify with no credit is if there is another person with an acceptable credit score that could co-sign on the loan. You may also qualify alone if we can obtain a good 12 month rent verification as an alternative source of credit and 2 other alternative credit references like a cell phone, insurance or another type of account you have made payments on.
What if I have bad credit?
Each situation is different and there is no cost to apply. If you aren't currently eligible, we may have some suggestions on steps you can take to improve your situation. Generally the worst case example would be a foreclosure or bankruptcy, but recent guideline changes now allow someone to qualify to purchase a home in as little as 1 year if the event was caused by an extenuating circumstance. For example a drop in income, job loss or medical issue would be considered an extenuating circumstance. Some programs can have different waiting periods and credit requirements after a major derogatory event or hardship. The HARP refinance program has no waiting period if the mortgage has been current the last 6 months, but each situation is different. The best option is to contact us and see what your best course of action is to accomplish your goal.