How do you get a home with no credit? Manual underwriting makes it possible. Learn more about getting a mortgage with a zero credit score and get the right loan for you:
SUMMARY
Lewis from Idaho calls into The Dave Ramsey Show to ask, “Can I get a mortgage with no credit score?”
You can most certainly can get a mortgage with no credit score through a process called manual underwriting.
What is manual underwriting? It’s simply a way of evaluating your ability to pay back a loan without a credit score. You’re assigned a specific person who looks at your case, and you’ll be required to provide additional paperwork for them to review.
What’s the underwriting process? You will be required to:
– Put a down payment of at least 20% on your home
– Select a 15-year, fixed-rate mortgage
– Provide proof of income and employment
– Have a good record of paying previous bills on time
How long does mortgage underwriting take? While the underwriting process does not add any extra charges, your loan process may take a little longer. However, buying a home without the strain of extra debt is worth it!
RESOURCES
Want to estimate your monthly mortgage payment? Check out our Mortgage Calculator:
Learn more about manual underwriting:
Have other questions about mortgages? We’ve answered them here:
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