Yes! The Lender I work with , provides one of the best home purchase program in America. They provide FREE personalized and comprehensive counseling to Members to address your particular credit and financial issues and help determine a mortgage payment that you can afford. The counseling and underwriting criteria are â€œcharacter-basedâ€ and not based on credit scores and ratios. This enables them to fulfill their mission of assisting working people like you who otherwise do not have access to affordable credit. While they provide everyone with mortgage options, they also provide one extraordinary mortgage product! The mortgage is unique in that everyone that qualifies receives the same incredible terms, which makes homeownership affordable, and you do not need perfect credit.
â€¢ No Down Payment,
â€¢ No Closing Costs (The Lender pays them and does not include them in the loan),
â€¢ No Lender Fees,
â€¢ No Pre-Payment Penalty,
â€¢ No Mortgage Insurance,
â€¢ No Perfect Credit,
â€¢ Fixed 30 year below market rate at 3.375% as of 6-19-12
Please contact me if you would like more information.
Have a GREAT day!
Vivien L Biggs PLC
Prudential Arizona Properties
Check MLS for homes on my website
Certainly FHA allows alternative credit to be used to generate a score. You mention the Cell and Internet accounts are already showing on your credit report. That is a red flag to me as a loan officer, usually they only report if your account goes bad or a loan officer "forces" into your credit report to use to generate a score. If you are already working with a lender, then your loan officer should be guiding you now to help generate the scores as previously mentioned.
A two year rental history will be taken into consideration, however, rarely if ever, are rental histories factored into your scores unless, again, you are late or they go to collections.
Should you have additional questions, do not hesitate to give me a call.
Please feel free to contact me directly if you have any further questions, I'd be glad to help.
All the best,
Roswell Moore, CMPS
Certified Mortgage Planner
We are a Direct Lender, Mortgage Bank where we originate, process, underwrite, fund, AND SERVICE our loans, in-house, with FHA (starting at a 580 score AND still only 3.5% down), FHA Streamline loans (NO minimum credit score, NO appraisal required) Go Green rehab loans, HomePath, Investor Friendly (10 financed properties), VA, USDA, Jumbo, Conventional, plus, we allow Escrow Hold-Backs!
To get a conventional loan or FHA loan you will need to have credit history to show the lender that you have the history of paying your credit obligation off.
Of course you can pay cash.
You could get a co-signor with you on the loan.
If you have saved up a 20% down payment there are seller may carry loans out there. They typically will not carry the mortgage for 30 years and would expect you to come up with your own financing after a shorter term period, say 3 to 7 years.
The answer is a big "Maybe". There are lenders out there who will provide funding based on what you are describing, known as "alternative credit". It is a case-by-case situation, so your best bet is to find a good lender, with whom you are comfortable working, and have them look at what you have.
The length of the alternative credit, as well as your payment history will, of course, play a role.