Everybody knows how critical the health of the home industry is to the American economy. The Great Recession really hurt so many parts of the ecosystem - builders, buyers, sellers, bankers - the list goes on and on. The current lending environment is difficult, since most lenders have retrenched and are only making home loans for people with pristine credit, and pristine documentation.
I'm sure you know someone who is sitting on the sidelines because of their credit. Maybe they lost their job, and missed paying a few debts on time and they hurt their FICO Score. They think they'll never qualify for a home loan until they get their FICO Score back in shape, which could take a long time. If they take too long, they could miss the most amazing opportunity of their lives. Every home is on sale, and mortgage rates continue to hover around all-time lows.
Here's a secret that most people don't know about. Many lenders will consider Alternative Credit when assessing your creditworthiness. You just have to be able to provide documentation that proves your Alternative Credit is actually worth using. Have you been paying your regular bills on time, like the ones that don’t get reported to the traditional credit bureaus? If you have, eCredable can help you by verifying these bills, creating a credit report for you, which includes a credit rating (on a scale of A-F). This allows the lender to quickly assess the value of this information, and consider it in your mortgage loan application.
We work with a mortgage broker called Churchill Mortgage, who uses our AMP Credit Report and AMP Credit Rating in their underwriting processes. Even if you have a weak FICO Score, you can complement this with an “A” or “B” rating, and still get a home loan (assuming you meet other qualifications like income). This is a real opportunity for you to get in the game and buy a home right now. You don’t need to wait for your credit to improve. If you have no credit history, you don’t need to wait until you build one. If you’ve been paying your bills on time and can earn an “A” or “B” from eCredable, you can get started right now.