Saturday, 12 May 2012 13:45
What are nontraditional credit sources that can be used for borrowers purchasing a home that need to supplement their thin credit file?
A common problem when some are trying to qualify for a mortgage loan is the lack of recent good credit. If a borrower does not have enough credit or any credit at all reporting on their mortgage credit report, some of our mortgage programs will allow a borrower to prove pay history through alternative sources to supplement the credit report. Nontraditional or alternative credit sources include but are not limited to the following:
If a borrower is looking to use these sources for additional credit, request a credit reference letter from each source covering at least the last 12 months history