Home Loan With No Credit History
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There are certain types of personal loans that don’t require a credit check. payday loans and car title loans are two common examples. Although you could get one of these no matter your credit. and.
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If a borrower does not have a traditional credit history, such as credit card accounts, auto loans, student loans and previous mortgages, HUD directs FHA lenders to assess alternatives that can.
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Corey Vandenberg, a mortgage banker with Platinum Home Mortgage in Lafayette, Indiana, agreed that the FHA is the best option for borrowers with no credit history. He cautioned, though, that borrowers do have to show an actual history of paying bills on time.
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When you first apply for a mortgage, your credit file will be created. Having no credit history means your credit score can’t be assessed. As such, many lenders may not accept your application because they can’t be sure if you can manage your home loan. Only a limited number of lenders offer no credit history home loans.
With traditional banks the borrower would usually need to borrow against the collateral of their home to get a personal loan with no credit history. That may work for Americans who have paid their debt obligations, including a mortgage.