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SVTPerformance's Chain of Restaurants
Road Side Pub
N/A credit score.
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<blockquote data-quote="cj428mach" data-source="post: 15577991" data-attributes="member: 142081"><p><span style="font-size: 18px"></span></p><p><span style="font-size: 18px"></span></p><p><span style="font-size: 18px"><strong>Getting a Mortgage Without a Credit Score</strong></span></p><p>Let’s go back a few years, though—back before you paid off that mortgage. How can you get a mortgage without a credit score in the first place? Isn’t this magic number your key to the world of mortgages and homeownership?</p><p></p><p>Actually, no, it isn’t. <strong>You <em>can</em> get a mortgage without a credit score. </strong>How so? Manual underwriting.</p><p></p><p>Not every lender is going to do manual underwriting—which is basically when they use a little common sense and look at factors like your income and not just your credit score. <a href="http://www.churchillmortgage.com/dave/" target="_blank">Churchill Mortgage</a> is the lender we recommend for manual underwriting.</p><p></p><p>Now, this doesn’t mean that just anyone can walk into a bank or mortgage lender and walk out with a home loan using manual underwriting. Remember, this is the way weird people do it, so <strong>there are some requirements</strong> you’ve got to live up to. Specifically, you must:</p><p></p><ul> <li data-xf-list-type="ul">Put at least 20% down on your home.</li> <li data-xf-list-type="ul">Choose a 15-year, fixed-rate conventional mortgage.</li> <li data-xf-list-type="ul">Have a strong employment history and personal income to support the loan.</li> <li data-xf-list-type="ul">Demonstrate 4–6 trade lines that span 18–24 months. These are just regularly recurring expenses such as rent, electric bills, water bills, cell phones, etc.</li> </ul><p>Also, your old credit history has to be in good shape. Even if you have a zero score, the old history is still there and impacts the loan decision. If you have an old history of late or missing payments, then you could have some problems.</p><p></p><p>The whole article can be found here</p><p><a href="https://www.daveramsey.com/blog/the-truth-about-your-credit-score" target="_blank">https://www.daveramsey.com/blog/the-truth-about-your-credit-score</a></p><p></p><p>Dave Ramsey talks about this semi regularly on his show and I'd consider him an expert on financial advice.</p></blockquote><p></p>
[QUOTE="cj428mach, post: 15577991, member: 142081"] [SIZE=5] [B]Getting a Mortgage Without a Credit Score[/B][/SIZE] Let’s go back a few years, though—back before you paid off that mortgage. How can you get a mortgage without a credit score in the first place? Isn’t this magic number your key to the world of mortgages and homeownership? Actually, no, it isn’t. [B]You [I]can[/I] get a mortgage without a credit score. [/B]How so? Manual underwriting. Not every lender is going to do manual underwriting—which is basically when they use a little common sense and look at factors like your income and not just your credit score. [URL='http://www.churchillmortgage.com/dave/']Churchill Mortgage[/URL] is the lender we recommend for manual underwriting. Now, this doesn’t mean that just anyone can walk into a bank or mortgage lender and walk out with a home loan using manual underwriting. Remember, this is the way weird people do it, so [B]there are some requirements[/B] you’ve got to live up to. Specifically, you must: [LIST] [*]Put at least 20% down on your home. [*]Choose a 15-year, fixed-rate conventional mortgage. [*]Have a strong employment history and personal income to support the loan. [*]Demonstrate 4–6 trade lines that span 18–24 months. These are just regularly recurring expenses such as rent, electric bills, water bills, cell phones, etc. [/LIST] Also, your old credit history has to be in good shape. Even if you have a zero score, the old history is still there and impacts the loan decision. If you have an old history of late or missing payments, then you could have some problems. The whole article can be found here [URL]https://www.daveramsey.com/blog/the-truth-about-your-credit-score[/URL] Dave Ramsey talks about this semi regularly on his show and I'd consider him an expert on financial advice. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
N/A credit score.
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