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NO CREDIT SCORE COLORADO MORTGAGE LENDERS

NO CREDIT SCORE COLORADO MORTGAGE LENDERS
Popular Colorado Pages Include:
Colorado No Credit Score FHA Mortgage Lenders
Colorado No Credit Score VA Mortgage Lenders

Getting a Colorado mortgage with no credit score or a short credit history can be frustrating. The Catch-22 for most Colorado mortgage applicants with no credit score is that they usually cannot get a Colorado mortgage any credit history, and you cannot get a credit history without the credit score. Many would be Colorado home buyers do not know that the lack of credit history is not enough to keep you from getting a Colorado mortgage. It takes a little more work to get approved for a Colorado mortgage with no credit score is easier than getting a Colorado bad credit mortgage. For Colorado mortgage applicants with no credit history that can prove timely payments on typical rental housing expenses under certain terms can qualify for a no credit score Colorado mortgage.


NO CREDIT SCORE Colorado MORTGAGE LENDER-

Most Colorado mortgage programs require mortgage applicants to have at least (3) three positive open and active trade lines on their credit  report for the last 12 months. For most Colorado mortgage lenders the no credit score removes them from consideration for a conventional Colorado mortgage. However there are (3) three government-backed Colorado mortgage loan programs will permit nontraditional credit lines in place traditional credit trade lines. These Colorado Mortgage programs include the FHA,USDA, VA loans. While these Colorado mortgage programs have minimum requirements, each participating Colorado mortgage lender is free to enforce their own no credit approval guidelines.  Fill out a Full Colorado mortgage application and learn how we can help you qualify for a no credit score Colorado mortgage. READ MORE ON NO CREDIT SCORE HOME LOAN GUIDELINES.


DEVELOPING A NONTRADITIONAL CREDIT HISTORY FOR NO CREDIT SCORE HOME LOAN

All government-baked Colorado mortgage programs use the same method for building and documenting non-traditional credit histories. Even if a Colorado mortgage applicant does not have a credit card or installment payments, odds are they have made some form of monthly payments consecutively for the last 12 months.. Colorado mortgage applicants with no credit can use the canceled checks or letters from a direct service provider to prove timely payment history for the last 12 months. Acceptable examples include: rental history, car insurance, utility bills, cell phone bills, daycare, and car insurance payments. Proof of these timely payments provides to the Colorado mortgage lender a financial record that would indicate how the mortgage applicant would handle credit in the future. Please note: These 3 accounts must be open for at least one year, a full 12 months no late or missed payments. 


USDA MORTGAGE LOANS– The USDA earmarks its Colorado mortgage program for buyers of primary residences in rural areas, but many suburban Colorado counties areas are eligible for these Colorado mortgage loans. These zero-down Colorado mortgage loans have a small upfront fee that buyers can finance within the loan, but no (MI) monthly insurance premiums. There are however maximum  income limits for the USDA mortgage and special terms available for low-income Colorado mortgage applicants. 


VA MORTGAGE LOANS– VA loans are only for veterans and their eligible spouses, as well as those who have served within particular civil organizations. Eligible spouses include those who are married to a prisoner of war or one who is missing in action or un-remarried spouses of a Colorado service member who died in action or of a service-related injury. VA mortgage loans require no down payment or monthly fee, but there is an upfront funding fee that can be financed into the loan making the VA mortgage a 100% no money down mortgage loan.


FHA MORTGAGE LOANS- FHA loans are available to all Colorado mortgage applicants buyers in every city Colorado and county in Colorado. FHA loans have no income limits, but do have maximum loan limits that vary from county to county. There is both an (UFMIP) upfront funding fee that can be included in the loan, as well as a small fee (MIP) mortgage insurance premium added to the monthly payment.


BAD CREDIT Colorado MORTGAGE– A Colorado mortgage applicant cannot use a nontraditional credit line to correct or compensate for poor credit, such as a judgment, or past collections, no matter how thin his credit is. Even if there is only one judgment or collection on a Colorado mortgage applicants  credit report, it will have to be settled with the creditor. Settling an old judgment or collection can be a great way to get a large item removed off ones credit for pennies on the dollar. Also lowering the balance on an open and active account to less than 30% of the account limit can be a good way to increase a bad credit score.

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