No Credit Score

No Credit Score Mortgage

We’re constantly evolving to better serve our borrowers. We’ve recently expanded our underwriting guidelines to provide increased flexibility and extended opportunities, but we want to shine a spotlight on two remarkable programs that are sure to impress our clients.

We are excited to announce the launch of our One Score No Score program and the second program is the No Ratio DSCR. Here we will talk about the No Fico Score program and discuss the NO Ratio DSCR program in the next blog post.

Traditional mortgage lenders often place great emphasis on credit scores when evaluating loan applications. However, for many potential homebuyers, self-employed individuals, or those with unique financial profiles, this focus on credit scores can be a roadblock to securing a mortgage. In response to this, innovative mortgage programs like “One Score No Score” have emerged, redefining the lending landscape.

Breaking Down the Benefits:

• No Minimum Credit Score: The most distinctive feature of “One Score No Score” is evident right in its name. This program doesn’t require a minimum credit score, offering an opportunity for those who may have struggled with credit-related issues.
• 65% LTV Purchase: With a loan-to-value (LTV) ratio of up to 65% for purchases.
• Priced at 700 FICO: While there’s no minimum credit score requirement, the program offers competitive pricing for those with a FICO score of 700 or higher.
• Full Documentation and DSCR Qualify: The program utilizes full documentation and Debt-Service Coverage Ratio (DSCR) qualification, which is particularly advantageous for self-employed individuals or real estate investors.
• 24 Months Verifiable Rents: To qualify for “One Score No Score,” applicants must provide 24 months of verifiable rent history, offering an alternative credit assessment method.
• No Reserves Required: Unlike many traditional loans, this program doesn’t mandate borrowers to have cash reserves on hand, providing greater flexibility.

“One Score No Score” exemplifies a more inclusive approach to our Non-QM mortgage programs. We recognize that the conventional credit score may not be the best indicator of a borrower’s financial stability, particularly in unique circumstances. This program opens doors for a wider range of individuals, including those who are self-employed, have limited credit history, or have experienced credit challenges.

By eliminating the strict credit score requirements and focusing on other financial aspects, “One Score No Score” offers a valuable path to homeownership and property investment. Contact our office for more information about this program.