A 3 bureau merged in-file report or full credit report must be obtained that contains at
least 2, but preferably 3 credit scores for each borrower. A â€œrepresentative scoreâ€ (lower of 2, middle of 3) will be chosen for each borrower on the loan. On a purchase, a co-borrower (occupying or non-occupying) may have NO score, as long as at least one occupant borrower has a 640 credit score. Tthe borrowers housing history must be documented for the last 12 months on a credit report, OR with a verification of rent directly from the landlord, OR with 12 months canceled checks.
Remember, lenders have different guidelines, however, this should point you in the right direction as it is pretty general. Other options would include parents, relatives, etc. being a co-borrower. But, as I stated earlier, little to no credit is very general! Take it one step at a time, find a righteous lender and have them work WITH you! Good luck!