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