FLORIDA MORTGAGE WITH NO CREDIT SCORE-

FLORIDA HOME LOANS WITH NO TRADE LINES OR NO CREDIT SCORE -  NO PROBLEM!

It is still very possible to get a Florida home loan with no credit score. So you probably what to know how to I qualify for a Florida home loan with No trade lines or No Credit Score? We have listed the no trade lines and no credit score Florida mortgage guidelines below.

1. Max no credit score Florida home loan ratio's 31/43. Maximum ratio 31% means no more than 31% of gross monthly towards the newly proposed housing expense. And, 43% means no more than 43% of your gross monthly income for newly proposed housing expense  +plus all other monthly payments on your credit report. This is the maximum allowable debt to income ratio for our No Credit Score Florida Home Loans.
2. No credit score Florida loan applicants must settle or pay all past collections in full. Note: you can settle all collections for pennies on the dollar this is the same as paying them off in full as long as the past collection shows a 0-zero balance.
3. No credit score Florida loan applicants must provide a minimum of  3 alt trade lines plus number #4. 3 alternate trade lines include letters from direct service providers that you have been on time for the last 12 months. Direct service providers include letters from  electric, water, cable company, cell phone ect. letters must be year to date showing timely payment history for the past 12 months.
4. In addition to #3. No Credit score Florida loan applicants must provide either 12 months canceled checks money orders or verification of rent from a management company showing timely rental history for the past 12 months. Note: private landlord letters will not work.
5. No credit score Florida loan applicants must have a down payment 3.5% plus 2 months of future payments in the bank at closing.

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FLORIDA HOME LOANS WITH NO TRADE LINES OR NO CREDIT: Many n o credit score Florida loan applicants see lots of advertisements offering Florida home loans to those with bad credit. But how many have you see for Florida home buyers no credit? Maybe you just graduated from college and have had little time to build up a credit report. Most no credit score Florida loan applicants went through bankruptcy or Foreclosure and have shied away from using credit cards or borrowing money or credit since then. Maybe you have immigrated to the United States from another country and you have not had enough time to build up a credit history. Whatever the reason for your lack of credit or lack of trade lines, you should know that it is still very possible for you to get a Florida home loan!

First, you should understand the criteria Florida mortgage lenders use in order to qualify you for a Florida home loan with no credit score. The three basic things no credit score Florida mortgage lenders look at are your credit, income and your assets. Of course, they will go into much more detail and some have their own personal criteria, but these are the basics. You may not have a credit history to offer so that leaves you to prove yourself in terms of income and assets. If you want to get a home Florida mortgage with no credit or little credit, you will need to have a good, solid income with a steady job. no credit score Florida mortgage lenders will also want you to provide a size-able down payment in this situation in order to decrease the risk of loss to them.

Once a no credit score Florida mortgage lender determines that you have the  necessary qualifications, he or she may allow you to use sources of “alternate trade lines”  Florida your home loan approval.. These might include letters from direct service providers to verity your payment history.  These letters include letters from apartment or home rental payments, your payment history of monthly bills like electric, water, cable , cell phones, or health insurance. These letters must be from direct service providers and must be recent to the Florida mortgage application.

There are basically two directions no credit score Florida homeowners can take in order to obtain a Florida home loan with limited credit history. You can try getting a hard money loan ( these loans are very expensive and requires a huge down payment). Or, no credit score Florida home loan applicants can apply for an FHA (Federal Housing Authority) loan. Subprime and private lenders  are  is also available for those with no credit Florida home loans but again these private lenders are very costly. There are several different types of loan products that these no credit score Florida mortgage lenders offer, including fixed and adjustable rate mortgages. The downside is that these no credit score home loans can come with higher interest rates and fees than you would get with an FHA loan or  “prime” home loan for Florida loan applicants with good credit. The upside is that you can get into a Florida home today and you don’t have to wait. In addition, normally after 6-12 months of on time payment history you could FHA refinance into a prime loan after you have established a payment history with the credit bureaus.

Your best best is the FHA loan. These loans are designed to help Florida first-time home buyers, Bad credit histories, as well as those home buyers with little or no money for a down payment. You can get the best terms on an FHA loan, however you will be subject to Florida’s FHA lending limits. If you are buying in a pricier market, these may not be the best choice for you.

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or use our Quick Application to receive a no obligation consultation on your next Florida mortgage.