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My fiancee has no credit score and we are trying to qualify for a loan. Any help is greatly appreciated.

by arleyne.dobbs841 from Ansonville, North Carolina. Feb 29th 2016 Reply

William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

Much more info needed.. Having no credit is usually not a problem.. if she has bad credit then it could be.. FHA financing allows the use of "Alternative Credit References" meaning, they can use her payment history for her rent, car insurance, utility payments, etc.. so long as there has not been any 30+ day late payments, then FHA allows for this type of credit reference.. Also, if you have good credit and sufficient income, then you can buy the home in your name only, and then once you're recorded, you can add her to the title.. This gives her ownership interest, but no obligation to the loan.. But to be honest, I would need much more info to answer your question directly. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 NMLS# 226347

Feb 29th 2016
Justin Murray (JustinMurray)
#101 ranked lender in Illinois - 172 contributions

Having no credit (lack of credit) isn't an issue as long as it isn't bad credit. We have programs that will allow for financing - purchase or refinance. Feel free to email me or call with your complete scenario. Justin Murray / / (312)256-4065

Feb 29th 2016
Mike Silkworth (msilkw_195_870)
#31 ranked lender in Michigan - 527 contributions

Different Lenders handle this differently. While you may quailify with your fiancee on the loan with no credit score, you may have to pay a higher interest rate. Most lenders charge interest rates based on the lowest middle score of the two borrowers. Do you need your fiancee's income to quailify for a home you would want to buy, if not, leaving him/her off the loan would be an option to consider. The key is to find a local lender that can walk you through the qualification process and give you options. Check with your Realtor for lenders his/her buyers have liked working with in the past. Best of luck to you. =Mike

Mar 1st 2016
Jesse Stroup (jessestroup)
#4 ranked lender in Idaho - 593 contributions

What does no credit mean? You can get the loan without the co borrower.

Mar 7th 2016
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