2006-06-06 08:27:09 · 9 answers · asked by Stephanie A 1 in Business & Finance ➔ Credit
Most mortgage lenders will base your approval on credit scores. However, there are a handful of lenders that lend based on the equity of your property. These lenders are referred to as "hard-money" lenders.
You can easily do a search on the internet for these types of lenders, however, I do not recommend using them because their fees and rates are usually much higher than a "regular" mortgage lender.
Before you resort to such a lender, you should check out some sub-prime lenders. Sub-prime lenders specialize in providing home loans for people with low credit scores; even one day out of bankruptcy.
2006-06-06 09:01:31 · answer #1 · answered by Steve the Human 2 · 0⤊ 1⤋
Unfortunately, the mortgage industry has not rolled that product out. In some cases people don't have any of the three scores, because they've never had a reporting liability (or loan, or credit card). There are lenders that will do mortgages based upon not having a score, but not if you do have one and it's low. However, there are other lenders as well that, if you have a low score, may give you credit for having other strong factors, such as 5+ years on the same job, higher disposable income (income left over after your bills are paid), and length at residence. Good luck!
2006-06-06 08:35:15 · answer #2 · answered by hotlittlenumber55 1 · 0⤊ 0⤋
Yes there a variety of lenders who will lend with no credit scores and have no need for a credit check. For example I am currently working on a client in NY who is 86 years old looking for a cash-out Refi. I am able to get him qualified for an 80% Loan to Value, No Documentation loan with no credit scores as well. The bank is just asking to see 3 alternate trade lines, for example:
-gas or oil bill
-electric bill
-phone bill or cable bill
Banks in this case care more about the property then they do the borrower. It's actually pretty simple to get people qualified. You just need to go to the right broker.
Regards,
Paul_Apex@yahoo.com
2006-06-06 08:51:25 · answer #3 · answered by Paul B 1 · 0⤊ 0⤋
Mortgage lenders will always check your credit score. However, there are lenders who will lend you money even if you have a low credit score. You just have to pay hight interest rate!
2006-06-06 08:31:53 · answer #4 · answered by gerreek 1 · 0⤊ 0⤋
Check out Wells Fargo. They're giving home loans to illegal aliens who have no credit and no social security number. If you aren't an illegal, then I would stir the pot majorly if you are denied a loan based simply on not being able to provide that information.
2006-06-06 09:35:04 · answer #5 · answered by kathy059 6 · 0⤊ 0⤋
in my profile you will find a link that seems to me will take you in the right direction to the type of lenders you are asking for
check it out for yourself
2006-06-06 08:44:20 · answer #6 · answered by umdanddvd 3 · 0⤊ 0⤋
Yes there are some; known as "predatory lenders" in other words "buyer beware" when deal them.
2006-06-06 11:33:18 · answer #7 · answered by NONE Y 3 · 0⤊ 0⤋
probably not. They want to make sure that they will get their money back and won't have to foreclose upon the house.
2006-06-06 08:33:32 · answer #8 · answered by Mama Pastafarian 7 · 0⤊ 0⤋
....Well now do you really think they would be in business if there were !!!
Come on now, these people aren't stupid and if you found someone that would act like they were going to do that then you had better beware !!!
2006-06-06 08:32:13 · answer #9 · answered by randy j 3 · 0⤊ 0⤋