My fiance is trying to get approved for financing for a home we want to own. He has always tried to pay in cash to avoid debt, but has as a result no credit score established. He would qualify for more than enough based on income. Anyone have any information to let us know whether to squash this dream?
What are the odds of getting approved for a $55,000 home loan with no established credit rating?
FHA mortgages which are insured by the government do not require traditional credit. However they do require nontraditional credit and 2 years of steady employment history. The nontraditional credit requirement can be full fulled by providing an letter from electric company or phone bill showing 12 months of steady payment history.
What are the odds of getting approved for a $55,000 home loan with no established credit rating?
If you fit financial guidelines in income, debt ratio and other factors you can get a home loan with no credit score. Find a broker and they can work with you to find a program.
What are the odds of getting approved for a $55,000 home loan with no established credit rating?
you need some kind of credit bad or good to get a home loan. they need to see you pay something every month. still try because if you pay house bill's every month that will give you credit to.
What are the odds of getting approved for a $55,000 home loan with no established credit rating?
With the dollar sign at $55,000 you are probably not resident in the UK.
In the UK there are loan companies who may finance your loan but without a decent credit rating there could be a much higher rate of interest payable. Beware of small company money lenders, check their honesty with an advice centre that know the rogue lenders.
I had no credit rating when I bought my first house. Then i had to earn annually 2.75 times my loan, i believe that its 5 or more times today. That should mean that someone on $11,000 could apply for finance
No comments:
Post a Comment