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 clarkdmc2
Joined: 16 Oct 2008
Posts: 1
1.28 Dollars($)
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 Posted: Thu Oct 16, 2008 9:03 am Post subject: can an owner quick claim a lease purchase to enble me to bil |
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| I am trying to find out if FHA or hud will help with a lease purchase. I havew been informed by equifax I do not have a score because I do not have six accounts active only two |
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greg1
Joined: 29 Jan 2008
Posts: 76
Location: Chillicothe, OH
24.38 Dollars($)
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| Posted: Thu Oct 16, 2008 1:57 pm Post subject: |
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FHA allows an applicant with no credit score to obtain a mortgage by using alternative credit to verify credit history. Alternative credit is defined by anything you pay on a monthly basis that can be verified either through a written letter stating the details of the length of time and payment history or it may also be requred that they communicate with a credit bureau service provider who will place the creditors on a residential mortgage credit report that is used in qualifying you for this loan.
Ideally you would pay at least 1-2 of the bills for 12-24 months. Some lenders may requre less or more than that.
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Greg Phillips
Mortgage Professional
Web: Home Blog Message Board |
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jameshogg
Joined: 20 Dec 2005
Posts: 5167
Location: nevada
645.98 Dollars($)
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| Posted: Thu Oct 16, 2008 9:56 pm Post subject: |
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Hi clarkdmc!
I agree with Greg Phillips. You can ask for a residential mortgage credit report. I hope this will help.
Thanks. |
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