Forward: the Colorado Springs Mortgage Insight is a monthly series of mortgage articles written by local mortgage experts exclusively for our readers, here on Colorado Springs Real Estate Connection.
Colorado Springs Mortgage Insight – Help For Buyers With No Credit Score
By: Marcy Langlois – Mortgage Loan Consultant/ Vice President of Colorado Capital Bank
About a week and a half ago I received a phone call from a Realtor® wondering if I would be able to help out some of her clients. This is a scenario that I hear over and over…
These folks are first time homebuyers and have been shopping around for a mortgage. They were kind of discouraged because they had been told several times that they wouldn’t qualify for a mortgage. Not because they had BAD credit, but because they didn’t have
ANY credit. This is a common misconception in the mortgage industry. Many people (including many mortgage lenders) believe that if you don’t have an actual credit score then there is not any financing available.
Quite the opposite is true.