Home Loans
100% Mortgage Financing Using Consumer History
(presented by www.refinance-refinance.net - mortgage lenders)
By Ben Afzal
Basics Mortgage lenders may use alternative documentation to show that you have a good history of making payments on time. These documents may include:
- Phone bills
- Cable bills
- Utility bills
Phone Bills A borrower can show their past track record of paying their phone bills on time by providing copies of cancelled checks. Mortgage lenders often want to see at least 12 months of payment history, although they may be flexible about this. Cable Bills A borrower can show their past track record of paying their cable bills on time by providing copies of cancelled checks. Mortgage lenders often want to see at least 12 months of payment history, although they may be flexible about this.
Utility Bills A borrower can show their past track record of paying their utility bills on time by providing copies of cancelled checks. Mortgage lenders often want to see several months of payment history, although they may be flexible about this.
Additional Loan Factors Mortgage lenders will also look at other factors in your application beyond your lack of credit. These factors may include:
- Your employment, job stability, and field
- Your assets
- Your income
Mortgage lenders will evaluate your job history, usually mostly focusing on the past two years. It helps to be continuously employed. Having a long track record of employment in the same field can also help. Assets can be critical to a lender, even if you plan to put nothing down. Having assets shows a mortgage lender that you are able to save money and manage your finances properly.
Further Steps There are many specialized mortgage lenders who !
will wor
k with people who do not have traditional credit.
You also may be able to co-apply with a borrower with regular credit. Some lenders may even allow you to use a non-occupant co-borrower, which is a person who is on the mortgage application but who does not plan to live in the property.
