I recently spoke to a client who had been turned down by 2 of the big banks and their own credit union. $80,000 in income no debt, $150,000 to put down but…. No credit scores.
This person had never established credit because they paid cash for everything. They currently rent for $2400 per month, and the new house payment was $3000. Easy, right? Yeah, she was shocked at getting turned down too. They said no score no loan, OR she would have to do FHA and pay PMI.
We were able to help her get a loan with our “alternate credit” program, a 30 year fixed rate at 3.75%, and of course no PMI! She closed on a nice 2 bedroom condo in the South Bay and is HAPPY!