My program accepts a 12-month history of on time payments for alternative credit such as utility bills, insurance, etc. I do not look at FICO scores.
My program also requires no down payment or closing costs as well. You should get qualified before engaging with an agent to ensure a smooth process.
Check out http://www.NACA.com for program details.
Mortgage Counselor - NMLS 280951
You've had a car since 2011, but you have no credit scores? I may be able to help.
Give me a call or feel free to apply online at http://www.rhlapps.com/kjones
We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.
It is unlikely you could be approved for mortgage financing with that credit score at this time.
Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.
First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.
Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.
I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website.
Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE.
The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.
The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.
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Having a good credit rating is all about paying bill on time and having a credit card or two with regular payments that are maintained. Having one that is totally paid off is fine but one at least one should always have a small balance that receives a regular payment.
I am refer you to a lender that will able to build up your credit. I have partnered with him many times and my clients usually will able to get in a home after 2-5 months.
Email me at firstname.lastname@example.org