Getting a Mortgage without a credit score? Is it possible?

Getting a mortgage without a credit score or credit history is possible as it is determined as the difficult one because finding a lender and convincing to provide a loan without a credit score is not easy.

There are certain ways to get a mortgage loan from lenders with minimum credit score requirements, which often help in receiving a loan without a credit score.

No credit score? What does it mean?

The lack of credit history or invisible credit that is there is no recent activity on credits to get a credit score is known as no credit score. The lender often examines the borrower’s credit history to evaluate the credit score, and if there is a lack of credit, it is considered as no credit score. This often occurs if the person didn’t have any means of credit experience in the past, is a recent immigrant or the person came out of age. However, the recent retirees who paid off all their debts and have not used any credit cards or other financing for the past two years cannot be considered under no credit score.

No credit score is not equal to Less credit score:

The term no credit score is not considered a low credit score, because a low credit score occurs when the borrower has poor credit management history, by late or missing repayments, and a number of accounts in collecting (bending). 

Ways to get a loan with no credit score:

There are several ways to get a loan with no credit score are below

• Online lenders
• Banks and credit unions
• Cosigner
• Collateral (secured loans)
• Paycheck advances
• Personal loans for bad credit
• Credit-builder loans
• Family and friends