Find Home Mortgage Loans with No Credit Scores
It’s an excellent time for consumers to find a home loan with no credit established. We provide a helpful for service that helps applicants shop lenders that specialize in no credit home mortgage loans online.
Do you have a checking account? Do you pay an electric bill or write a check for rent each month? If so, you likely have more credit than you thought. Many first time home buyers have very little credit, so it’s important to work with finance outlets that have experience making home loans with no credit.
Sit back and relax. BD Nationwide will help you find lenders that provide affordable pricing on purchase home loans for no credit. The Federal Reserve has increased liquidity with low interest rates and eased credit guidelines that have inspired many banks and lenders to take more risks on new home buyers with bad credit. With low interest and falling home prices, now is a special time for 1st time home buyers to secure home loans with limited credit.
3 Factors for Buying a House with Limited or No Credit in this Market
Determine how much you can afford to spend when buying a home. Figure out how much you have for a down-payment. Calculate how much you can afford monthly in regards to housing costs. (ie. Monthly loan payments, property taxes and insurance) We suggest using a loan calculator to help determine your price range.
Get Pre-Qualified from a Mortgage Lender that specializes in home loans for people with no credit.
It is very important to understand your eligibility prior to making offers with a realtor. You will lose credibility and the “offer” if you are unable to perform on a no credit home loan. Get a pre-approval letter from a trustworthy bank or mortgage company that has underwritten and approved your application for a home loan with no credit.
Shop Home Loan Lenders for Competitive Pricing and Customer Service. Getting a low interest rate is important, but you also need to choose a loan officer that is willing to walk you through the first time home financing process.
They need to be patient enough to spend time with you educating you on your loan eligibility and be there when you have questions and need disclosures processed.
Are No Credit FHA Home Loan Programs Still Helping 1st Time Buyers?
The FHA is considering overcoming their low reserves by raising fees on mortgage insurance. The Federal Housing Administration is contemplating extending the time period for insurance premiums. Maybe they will reduce the loan amount limit on home equity conversion mortgages?
Many representatives in Congress believe that injecting funds in the FHA home loan programs will help enhance the housing recovery.
