There are other credit factors lenders look at. What are they? Discover the secrets below.
Lenders look at other things besides your credit history and score before before approving a mortgage application.For example, the FHA loan products will consider other factors for those who may not have any credit history. If this is you, you may want to see if you qualify for FHA.
These other factors can also be used to establish that you will be a good risk to lenders if you don’t have credit yet. So be sure you take care of these other factors as well.
How is this? Some loan programs (like FHA) will take a look at how timely you pay your rent when you don't have any credit history. This is nice.
Think about it, perhaps you have a used car and paid cash for it. This mean you can't use a car payment for your history. But if you're renting, some will use your rental payment history or how well you paid your utility bill.
Those mortgage programs that will use these other credit factors to qualify you may be the very thing to help a first time home buyer, who doesn't have a credit profile, to buy a home.
So if you are renting right now, make sure you keep these payments and your utility payments on time. This way you can be considered a good credit risk.
I cannot emphasize this enough for those who are new in the credit arena. Keep in mind that these other items must be in your name (the one applying for the loan) to be considered.
Best FHA Home Loans explains why FHA loan products are the best for you.
Help With a Mortgage Forum is a great place to investigate what others have asked and to get your own questions answered.
Home Buying Programs explains the various programs so you can select that cool program that fits your needs.
Go to House Buyer Solutions Home Page.
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