Make your application more attractive before applying for a home loan no credit check
Aspiring homeowners can reduce their mortgage payment by choosing to refinance their loans. However, with a bad credit score, they are left wondering if it is possible to get a no credit check home loan. If you are one such person, you are in luck as you can buy a home with no credit check.
There are several refinance programs available that can help you reduce your interest rates and get better payment plans. There are certain programs that can get you access to home loan no credit check, which is useful when you have a bad credit. Certain other programs help you get cash using the equity in your house.
Some options that can help you get mortgage refinance with no credit check include FHA Streamline Finance, Home Equity and HELOC loans, HARP 2.0 and HARP 3.0, your local credit union, online lenders specializing in bad credit loans.
FHA Streamline Refinance is useful for people with bad credit who have an FHA loan, as you not only get home loan no credit check, but there is no need for an appraisal or submission of proof of income. To qualify for this program, your mortgage must be current, you should not have made a late payment in the last 12 months, your lender must be FHA-approved, and the house must be under your ownership for at least six months.
The home equity and HELOC loans with bad credit are possible but lenders are not too willing as they become only the second lien holder. Approvals for home equity loans are easier when you have good credit. With a poor credit, it is easier to qualify for cash-out refinance as the lender becomes the first lien holder and the risk to the loan is reduced.
Under HARP programs, your mortgage must be either from Freddie Mac or Fannie Mae. This refinance option is useful if your loan is upside down or you want to reduce your interest rate. It is possible to qualify with a poor credit, although some lenders may specify a minimum score of 620. The best places to look for home loan with no credit check are local credit unions or online lenders that specialize in working with low credit scores.
Before you apply for a no credit check mortgage refinance, take steps to make your application more attractive. Also, keep proof for income, residence, tax forms, etc ready.