If you’ve never owned a car or a credit card, it can be hard to get a mortgage. If you’re moving to the United States or have just recently settled here can you still get a mortgage without a U.S. credit trail? Traditionally, mortgage brokers used your credit score to see how much funding you qualify for, but what do you do if you don’t have U.S. credit history, any credit cards and have bruised credit. Fortunately, you can secure funding for a refinance regardless of your credit score: The no credit mortgage.
What Is A No Credit Mortgage?
This type of mortgage is created specifically for people with bruised, limited, to no U.S. credit history. Let’s say you move to the United States from overseas, you may have established credit in your country of origin but you have none here. Or, you have recently come into an inheritance or winnings and want to use the money to buy a home, but you have never had a credit card or other revolving loans. That doesn’t mean you aren’t going to pay your monthly mortgage bills on time. With a no credit mortgage, you can still receive funding for your refinance, albeit the process is different from that of a traditional mortgage where the individual has established credit.
What Is Required For a No Credit Mortgage?
Since you do not have the required credit score and or any U.S. credit history, you will have to make up for it in certain ways. If you have equity in your home, you are more likely to qualify for a no credit mortgage. You can also use a cosigner, someone with an established United States credit history for the mortgage. This ensures the lender that if you default on the loan, someone with traceable credit will be also be held accountable. This can assist in getting a better rate and term. You may also have to create an alternative credit history from your existing financial records. This includes rent, utility bills and student loans if applicable. PrivateLend.com will help you with the process.
Why Use PrivateLend.com For This Kind Of Loan?
PrivateLend.com are pros when it comes to non-traditional mortgages. Because we at PrivateLend.com feel that no one should be turned down for a loan, our resources extend far beyond those of the banks. When you go to your bank for a mortgage, they will turn you down if you do not have credit. They’ll try and force you to take on one of their credit cards to establish a history, and this is simply not necessary. Private lenders like us are able to get you a mortgage even if you don’t have credit. We do not discriminate against potential clients. If you need funding, we’ll find it for you no matter what your financial situation is. To find out more about no credit mortgages, contact us today. There’s no reason that you shouldn’t be able to refinance your home just because you don’t have credit or specifically, any U.S. credit.
