Posted on: 16th Oct, 2008 09:03 am
I am trying to find out if FHA or hud will help with a lease purchase. I havew been informed by equifax I do not have a score because I do not have six accounts active only two
FHA allows an applicant with no credit score to obtain a mortgage by using alternative credit to verify credit history. Alternative credit is defined by anything you pay on a monthly basis that can be verified either through a written letter stating the details of the length of time and payment history or it may also be requred that they communicate with a credit bureau service provider who will place the creditors on a residential mortgage credit report that is used in qualifying you for this loan.
Ideally you would pay at least 1-2 of the bills for 12-24 months. Some lenders may requre less or more than that.
Ideally you would pay at least 1-2 of the bills for 12-24 months. Some lenders may requre less or more than that.
Hi clarkdmc!
I agree with Greg Phillips. You can ask for a residential mortgage credit report. I hope this will help.
Thanks.
I agree with Greg Phillips. You can ask for a residential mortgage credit report. I hope this will help.
Thanks.
