Archive for October 2019
What is non-traditional credit?
Non-traditional credit is a category of documentation that supplements, or sometimes replaces, the need for a consumer credit report. Non-traditional credit procedures are used for people who have no credit score or minimal credit history. Fannie Mae and Freddie Mac now accept loans from borrowers with no credit score, and this rule applies to conventional,…Read More
Looking to Buy a Fixer-Upper Home? Consider an FHA 203K Renovation Mortgage.
The Federal Housing Administration (FHA) Section 203(k) program enables homebuyers to finance both the acquisition and repair costs together in one mortgage. For example, if you are able to purchase a home “as is” for $150,000 and it will cost $50,000 for renovations, you can obtain a mortgage for $200,000. How it works. First, you…Read More