Many new potential home buyers have one or more of these credit troubles. Do you?
- Have no credit score
- Have never established credit
- Have only one credit score
- Have only one or two credit trade lines
If you check even one, you have insufficient credit and may have difficulties in qualifying for a mortgage to buy a new home and stop paying rent.
FHA has a unique product offering that allows a potential home buyer to establish non-traditional credit in order to determine that a borrower has sufficient credit references to help the lender evaluate your bill paying habits.
Ask your real estate agent to recommend you a lender who can provide you with more information on this little known FHA mortgage product.