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NO CREDIT SCORE GEORGIA MORTGAGE LENDERS

Some will tell you that qualifying with Georgia mortgage lender having no credit score or a short credit history is impossible. The Catch-22 for most Georgia mortgage applicants with no credit score is that they usually cannot get a Georgia mortgage no credit history, and you cannot get a credit history without credit score. Many would be Georgia home buyers do not know that the lack of credit history is not enough to keep you from getting pre approved for a Georgia mortgage. It takes a little more work to get approved for a Georgia mortgage with no credit score but its easier than getting a Georgia bad credit mortgage. For Georgia mortgage applicants with no credit history that can prove timely payments on typical rental housing expenses under certain terms can qualify for a no credit score Georgia mortgage.


DEVELOPING A NONTRADITIONAL CREDIT HISTORY- All government-baked Georgia mortgage programs use the same method for building and documenting non-traditional credit histories. Even if a Georgia mortgage applicant does not have a credit card or installment payments, odds are they have made some form of monthly payments consecutively for the last 12 months.. Georgia mortgage applicants with no credit can use the canceled checks or letters from a direct service provider to prove timely payment history for the last 12 months. Acceptable examples include: rental history, car insurance, utility bills, cell phone bills, daycare, and car insurance payments. Proof of these timely payments provides to the Georgia mortgage lender a financial record that would indicate how the mortgage applicant would handle credit in the future. Please note: These 3 accounts must be open for at least one year, a full 12 months no late or missed payments.

NO CREDIT SCORE GEORGIA MORTGAGE LENDER- Most Georgia mortgage programs require mortgage applicants to have at least (3) three positive open and active trade lines on their credit  report for the last 12 months. For most Georgia mortgage lenders the no credit score removes them from consideration for a conventional Georgia mortgage. However there are (3) three government-backed Georgia mortgage loan programs will permit nontraditional credit lines in place traditional credit trade lines. These Georgia Mortgage programs include the FHA,USDA, VA loans. While these Georgia mortgage programs have minimum requirements, each participating Georgia mortgage lender is free to enforce their own no credit approval guidelines.  Fill out a Full Georgia mortgage application and learn how we can help you qualify for a no credit score Georgia mortgage. 


USDA MORTGAGE LOANS WITH NO CREDIT- The USDA earmarks its Georgia mortgage program for buyers of primary residences in rural areas, but many suburban Georgia counties areas are eligible for these Georgia mortgage loans. These zero-down Georgia mortgage loans have a small upfront fee that buyers can finance within the loan, but no (MI) monthly insurance premiums. There are however maximum  income limits for the USDA mortgage and special terms available for low-income Georgia mortgage applicants.


VA MORTGAGE WITH NO CREDIT SCORE- VA loans are only for veterans and their eligible spouses, as well as those who have served within particular civil organizations. Eligible spouses include those who are married to a prisoner of war or one who is missing in action or un remarried spouses of a Georgia service member who died in action or of a service-related injury. VA mortgage loans require no down payment or monthly fee, but there is an upfront funding fee that can be financed into the loan making the VA mortgage a 100% no money down mortgage loan.

FHA MORTGAGE LOANS WITH NO CREDIT SCORE– FHA loans are available to all Georgia mortgage applicants buyers in every city and county in Georgia. FHA loans have no income limits, but do have maximum loan limits that vary from county to county. There is both an (UFMIP) upfront funding fee that can be included in the loan, as well as a small fee (MIP) mortgage insurance premium added to the monthly payment.FHA MORTGAGE LOANS- 

BAD CREDIT GEORGIA MORTGAGE WITH NO CREDIT SCORES- A Georgia mortgage applicant cannot use a nontraditional credit line to correct or compensate for poor credit, such as a judgment, or past collections, no matter how thin his credit is. Even if there is only one judgment or collection on a Georgia mortgage applicants  credit report, it will have to be settled with the creditor. Settling an old judgment or collection can be a great way to get a large item removed off ones credit for pennies on the dollar. Also lowering the balance on an open and active account to less than 30% of the account limit can be a good way to increase a bad credit score.

NO CREDIT SCORE GEORGIA MORTGAGE LENDERS SERVING EVERY CITY AND COUNTY IN GA