John Chunn Realty

No credit score? Theres a new automated home loan option for you!

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Not having enough credit history for a credit score doesn’t necessarily mean you must go through a drawn-out manual underwriting process to get a home loan. If you have a history of making housing payments on time and references, you could benefit from a new automated process from Freddie Mac, a quasi-public agency that purchases mortgages.

Starting in June, borrowers without credit scores can see if they’re eligible for purchase mortgages or no-cash-out refinance transactions on one-unit owner-occupied homes. Lenders will be able to use Freddie Mac’s automated assessments to quickly approve your loan with greater confidence that Freddie Mac will purchase it. Loans will still be evaluated against Freddie Mac’s credit requirements, but the automated process should allow lenders to more efficiently serve borrowers.

WANT TO SEE IF YOU QUALIFY? START THE PROCESS HERE!

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John Chunn
John Chunn Realty, LLC
1510 Avenue M, Suite 102
Hondo, TX 78861
(830) 426-8432
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Advice for Consumers | Texas Association of REALTORS

Source: No credit score? Theres a new automated home loan option for you | Advice for Consumers | Texas Association of REALTORS