Credit Tricks for Buying a home with limited credit & no money down!

USDA guidelines allow for limited credit and no money down
USDA guidelines allow for limited credit

Limited Credit & No Money Down Mortgages

Do you have limited, but good credit and want to buy a home with little to no money down?

Our USDA guaranteed loan guidelines will allow for us to add nontraditional credit to a thin credit file in order to get approval for the buyer.

Check out these 2 USDA loan approvals for very limited, but good credit buyers that needed 100% financing.  Here are two scenarios below in which we were able to help:

Buyer # 1:

  • First time buyer with very limited credit experience
  • Only one trade line (a student loan) reporting on credit
  • Rent paid on time for over a year
  • Car insurance paid on time for over a year
  • 2 months of payments in reserves in the bank

Result:  Buyer is able to get 100% financing with the seller paying the closing costs resulting in practically no money out of pocket.

Buyer # 2:

  • First time buyer with very limited credit experience
  • Only one trade line (a car loan) reporting on credit for 2 years with no late payments
  • Rent paid on time for over a year
  • Electric bill paid on time for over a year
  • 660 credit score

Result:  Buyer is able to get 100% financing with the seller paying the closing costs resulting in practically no money out of pocket.

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Written By: Russell Smith

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