Non-Traditional Credit Options For Mortgage Applicants
Credit scores can be the difference between getting a good interest rate on a mortgage or in some cases even getting a mortgage at all. Most housing markets throughout the country favor sellers at the moment because there are so few listings available so buyers have an extra obstacle of needing to come with a solidly underwritten offer in order to remain competitive. But what if you don’t have a great credit score? Or have recently left your job and have a gap in income? Luckily more and more lenders are willing to look at non-traditional ways of determining if someone is a low risk for defaulting on a loan. Bruce Marks, CEO of the non-profit NACA that provides loans to low credit score borrowers, says his company relies on non-traditional credit metrics frequently so I spoke with him to get an idea of what lenders are looking for.
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