Is your credit score nonexistent? Are you afraid that your lack of credit will negatively impact your goals when it’s time to apply for a mortgage in Pennsylvania? We’re going to help you put those worries to rest. Here is a little secret: We will consider borrowers who do not have a credit score!
You heard us correctly. You might not need a credit score to qualify for a MortgageDepot mortgage. Here’s how it works:
Borrowers must use the loan for a single-family residence.
The borrower without a credit score must occupy the residence.
The LTV must not exceed 95%.
Only fixed-rate mortgages qualify.
At least one borrower must have a 12-month housing history.
Borrowers must not have any collections, judgments or tax liens over the previous two years. Medical collections are permitted.
In cases where one borrower has a credit score, that person must contribute more than 50% of the qualifying income.
Borrowers without a credit score cannot be self-employed.
Programs that allow borrowers to qualify for a mortgage without a credit score give people new hope in Pennsylvania’s real estate market. At MortgageDepot, we are proud to be a part of that hope. If owning a home seems out of reach, your goals could be closer than you think. Contact MortgageDepot today to learn how to qualify for one of our multiple loan programs with no credit score.