No Credit? No Problem!

No Credit 2

As follow-on to our last article on credit myths, another credit myth is that you can’t get a mortgage if you don’t have US credit.   NOT true – there are very aggressive loan programs available for those who have not yet established credit here in the States.  In fact many programs don’t require international credit either.  How is that possible?  Simple:

  1. Have a US job
  2. Make sufficient income
  3. Have sufficient down payment (or sufficient equity in the case of a refinance) and reserves

And if it weren’t amazing enough that such programs exist, these programs also allow loan amounts up to $3,000,000 and 80% loan to value up to $1,500,000!  Do keep in mind that these programs are currently limited to adjustable-rate programs (ARM loans), but the rates are quite attractive in the mid-four percent range on a “no-point” basis.  After a couple of years of having this type of loan, generally one becomes eligible for a refinance into a fixed-rate program, if that is desired.

Another item to note is that the borrower CAN be new on the job.  All that’s required is a recent paystub to verify income and the loan can fund…

For further details on these types of no-credit loans, contact your favorite mortgage advisor or anyone at AMB.