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No FICO Score Loan
A No FICO Score Loan is a mortgage option for borrowers with little to no credit history, making homeownership possible without relying on traditional credit scores. Instead of a FICO score, lenders evaluate alternative financial data, such as rental history, utility payments, and bank statements, to assess creditworthiness. This loan is ideal for first-time homebuyers, individuals who have avoided credit cards, or those new to the U.S. who are financially responsible but lack a traditional credit profile. If you’re looking for a home loan without a credit score requirement, this program could be the perfect solution.
A Reliable Home Loan You Can Trust.
Low Down Payment Options
Lower Credit Score Requirements
Qualify with a credit score as low as 580 or no FICO score.
Government-Backed Security
FHA loans are insured, offering lenders more confidence in approving applications.
Assumable Loans
FHA loans can be transferred to a new buyer, potentially saving money if interest rates rise.
Loan Guidelines
If your details are near these guidelines, we encourage you to apply or reach out. Even if you don’t qualify for a 30-year fixed-rate mortgage, we may have other options available.
The Home
Purchase a new home or refinance your current mortgage.
Credit Profile
A credit score above 620 is typically required.
Debt-to-Income
Your debt-to-income ratio (DTI) should be under 50%.
Closing Costs
Along with your down payment, you’ll need sufficient funds to cover closing costs.
Explore Your Potential
Our calculators help you understand and visualize your options
Mortgage Calculator
Planning to buy a home? Calculate your estimated monthly payments, including taxes and insurance.
Refinance Calculator
Considering refinancing your mortgage? Find out how much you could save.
Frequently Asked Questions
Have questions? We’ve got answers! Explore our FAQ section to find helpful information about loans, refinancing, and more. If you don’t see what you’re looking for, feel free to contact us—we’re here to help!
Who are No FICO Score Loans best for?
No FICO Score loans are best for individuals with limited or no credit history, such as recent immigrants, first-time borrowers, or those who prefer not to use traditional credit. These loans are tailored for people who demonstrate financial responsibility in alternative ways.
How do No FICO Score Loans work?
These loans rely on non-traditional credit evaluation methods. Instead of a credit score, lenders consider factors like rental payment history, utility bills, bank statements, or other financial documentation to assess the borrower’s ability to repay the loan.
What are the pros and cons of a No FICO Score Loan?
Pros:
- Accessible for borrowers with no traditional credit history.
- Evaluates financial stability through alternative documentation.
- Offers a path to homeownership without requiring a credit score.
Cons:
- May require higher down payments.
- Interest rates may be higher than traditional loans.
- Limited lender availability compared to conventional loans.
Can I build credit with a No FICO Score Loan?
Yes, by making consistent, on-time payments, you can establish or improve your credit history over time, helping you qualify for more traditional loans in the future.