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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