Effective September 24, 2016, MortgageDepot will entertain loan submissions for borrowers with no credit score for conventional conforming loans. Since we are a mortgage broker we are able to shop and offer the best mortgage options for our borrowers. We do our best to make sure that our purchase market is well taken care of. Here are a few things that you need to know about this no credit score borrower program.
- Principal residences only
- Nonoccupying borrowers not allowed
- One unit property
- Purchase or limited cash out refinance transactions only
- Must be a Fixed-rate mortgage
- Loan amount must not exceed conforming loan limits (high balance not allowed)
- Debt to income ratio must be less than 40%
So these are just a few bullets to keep in mind when trying to purchase a home and you don’t have any credit scores, this program is available and we offer it, to learn more please contact us.