Mortgage Company Reviews

Union Home Mortgage Review – Step by Step: Get a Mortgage Without a Credit Score

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Union Home Mortgage Review – Review

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0:00 What you’ll learn
0:26 No credit vs bad credit
1:15 2 types of underwriting
2:00 Manual underwriting
2:46 CalmMoment
3:59 Comparison
7:43 The credit story
9:52 Other requirements
10:33 Debt to income ratios
11:43 Talking with a lender
12:29 Steps to build credit

Hey, Kyle here with winthehouseyoulove.com. Today we’re going to talk about how to get a mortgage without a credit score. This is actually possible and I’m going to show you the steps that you need to take. So, first of all, we’re going to talk about what a manual underwrite is. Then we’re going to talk about how to get a loan with no credit score.
And then also a $92,000 difference between a loan with no credit score and a loan with credit score. Okay. Okay. So first we’ll we have to clear up is there’s a difference between no credit and bad credit. All right. So this loan is only for, if you have no credit whatsoever, you’ve never opened a credit card or an auto loan or anything that has debt attached to it, you’ve never opened. Okay. So this cannot be used to solve bad credit, right? So if you have, delinquencies or collection accounts, you can’t use a loan like this it it place. This is only for people who have no credit history at all. So what’s going to happen is the lender is going to pull your credit to verify that you don’t have a credit score, alright if you have a lower credit score, you’re going to have to use that lower credit score.
Now, if you don’t have any credit score, then you can move forward with four different types of loans I’m going to show you here in just a bit. So the reason this works is because there’s two different types of underwriting. You have manual underwriting and automated underwriting. Automated underwriting is when a software underwrites your loan file and that’s a lot easier to pass. It’s a lot easier to get an approval on. A manual underwrite is when an underwriter is manually looking at every single thing in your mortgage file. So they’re verifying all of that information and a manual underwrite requires a lot more documentation and overall is a little bit more stressful of a process.
It’s also, manual underwrites rates are normally only for riskier loans. So people with lower credit scores, higher debt to income ratios or, who have no credit score at all. All right. So what happens in a manual underwrite is credit is underwritten differently, but everything else stays the same. So you still need to have consistent employment.
A consistent income, consistent employment. You need to have funds to be able to close if you’re bringing a down payment and then the property requirements are the same. Everything stays the exact same thing for the loan, but what’s different is your credit is underwritten differently. When you’re doing an automated underwriting, you have your credit report that gets fed into the computer software and the computer will give you an approval or denial based on your credit. With a manual underwrite, the computer is going to read everything except for credit.
And then underwriter is going to manually analyze your payment history in place of credit. All right. Before we move on, let’s have a quick CalmMoment because underwriting can feel super overwhelming as you’re going through this process. And especially when you’re trying to figure out your unique scenario with your finances and your credit, it can feel intimidating to talk with somebody about the next steps, because maybe they’ll give you an answer that you don’t want to hear and just know that loan officers, they want you to be able to purchase a home.

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Kyle Seagraves
NMLS# 1701021
Motto Mortgage Alliance
8900 N. Dixie Dr.
Dayton, OH 45414
Equal Housing Opportunity

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11 Comments
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11 Comments

  1. Drew Simms
    July 24, 2021 at 10:45 am

    I'm a new subscriber! I am looking to work in the financial side of mortgages and these videos are enlightening

  2. Jennifer Lego
    July 24, 2021 at 10:45 am

    Can you do live Q & A? Please?

  3. Jennifer Lego
    July 24, 2021 at 10:45 am

    This is the MOST information I have found, so far, on this topic. I have asked several realtors on live chats about zero credit loans. All were naysayers. SO frustrating. I REFUSE to have credit cards! Period. Thank you so much. I have just subscribed and selected notifications.

  4. Lopez Rodriguez Chriselda
    July 24, 2021 at 10:45 am

    Hi sir
    I want to thanku for your helpful videos
    I watched one of your videos about refiance and i loved it.
    It was so informative i learned so much.
    I wanted to ask
    If u happened to be licensed in the state of Arizona
    Thank you for your attention,
    God bless you!!

  5. Jacob Portillo
    July 24, 2021 at 10:45 am

    Love your website! Who designed it!?

  6. Mercy Colonia
    July 24, 2021 at 10:45 am

    Hi Kyle, I am interested in home refinance, may I have your phone #. Please reply. Thank you Mercy Colonia

  7. Gigi Gaskaite
    July 24, 2021 at 10:45 am

    ALL DAVE RAMSEY FANS SHOULD CHECK IT OUT

  8. skyZ
    July 24, 2021 at 10:45 am

    Dave Ramsey has said countless times that the interest rates between the two are EXACTLY the same, is he lying?

  9. Jeffrey Alger
    July 24, 2021 at 10:45 am

    Question about credit. I had a bankruptcy on my credit, and I had about 680 score. When it fell off my credit, it dropped to 590. I thought it would go up, why did it go down?

  10. Z Mack
    July 24, 2021 at 10:45 am

    Great Video for those with no verifiable credit!

  11. Luis Vargas Yah
    July 24, 2021 at 10:45 am

    A video by Kyle on a Friday? It’s gonna be a good weekend! 😎 keep up the great work Kyle!