You may earn a good income, but have no credit history. How can this be possible in today’s world? Perhaps you are leery of credit cards, or prefer to pay in cash for what you can afford. Perhaps you are divorced but your credit was in your spouse’s name. Regardless of the reason, now you want to buy a home. Is that possible with no credit history? It is, but you need to do your homework.
Find your non-traditional credit history — Are you paying utilities for where you live now? If you rent, do you have your payment records for paying your rent on time? If you have a mobile phone, can you provide records showing your regular payments for your phone plan? All of these items show a good credit history, but they are not as easily accessed by the credit reporting companies, so as a result you don’t show a credit history. That doesn’t mean you can’t use these records, so have them ready when you start talking FL home mortgages. FHA loans require credit history information showing regular rent payments, no delinquencies past 30 days on other payments, and no collection history other than medical issues.
So, how do you get the mortgage you need? — You can try talking with conventional banks, but they are often reluctant to work through a non-traditional credit rating endorsement, because it requires more work on their part to check your payment history. You will have better luck working with smaller or non-traditional Investors.
Talk to a mortgage Investor — You need to speak to a professional that knows the types of loans that may be useful to you, and will help you figure out what you can afford.
This is where AHL Hard Money Loans comes in. We partner with investors who have money ready to use for your mortgage. We can look at your non-traditional payment history and will quickly qualify you for a loan. We can often close in 3-12 days after we review your application and supporting documentation. If you are employed with a regular salary, and have good records showing non-delinquent payments, we should be able to help you.
Call AHL Hard Money Loans today at (813) 368-9919 and tell us about your mortgage needs, and we will work hard to secure the loan you need for your next home.