To qualify for a mortgage loan, the applicant must have a credit history documented by a credit report. The minimum credit score and tradeline requirements vary some from lender to lender, but the majority of lenders require a minimum 640 credit score to qualify for a mortgage loan. If home-ownership is the goal, I recommend a proactive approach to build your credit. If there is truly no credit history, meaning no positive or negative history it would be easy to open credit accounts and build a good score.
Prior to the financial collapse of 2008, it was common for lenders to work with borrowers to build nontraditional credit reports in lieu of traditional credit reports. To create a non-traditional report, borrowers would document their previous rental history, utility payments, cable bills, cell phones etc, and the lender would have the credit bureau create a non-traditional report. However, I currently do not personally know of any lenders that accept non-traditional credit reports at this time.
Good Morning. If you truly have No Credit, you can qualify for a mortgage if you have non-traditional credit references. I’d be happy to talk to you more offline if you’d like on this, so please send me a direct message. You will need to have your income documents, asset documents, and a your rental history information handy. Again, I’m happy to work with you as I can lend in all 50 States! Thank you and good luck!