This is a YouTube video titled "No Credit Score Loan #fhaloan #firsttimehomebuyer #homebuyer #homeloans #interestrates" created on December 25, 2022. The content features a single speaker explaining a specialized FHA loan program from McGowan Mortgages designed for individuals without any credit history, outlining eligibility criteria and advising realtors to refer clients who might benefit from this option.
The latest loan program from McGowan Mortgages is a no credit score loan. Now before we get started, this is for the people that just don't have credit, not for the people that just have bad credit. If you have a 4 or 500 credit score, well then that's your credit score. Unfortunately, this program is not for you. It's for those that just have not had a credit history. So you can't have any derogatory credit, no collections for the last 36 months and you have to have a clean 12 month history of rent or housing payments. And then this could be something that could actually work. It gives people a chance that don't otherwise have chances. Now we quote qualified off of 3 non traditional trade lines. That would be your rent payment, a utility bill and your phone bill. So we look at those for the last 12 months. If those are clean, if those look like a good payment history, then this could work. The debt to income is cut back a little bit. It's a 43% debt to income ratio on this FHA financing, so that is a little bit less. But it's also an option for people that really don't have any other option with the zero credit score. Realtors, if you have any clients, this might make sense for reach out to McAllen Mortgages today.
