Why We Celebrate the No Credit Score Loan
For over 25 years Churchill Mortgage has been on a mission to lead our clients to the ultimate American dream — debt-free homeownership. We believe debt-free individuals with no credit score should have the same access to a smarter mortgage as individuals who have a FICO® Score. Being debt-free is a big deal and should be celebrated!
How do you get a mortgage without a credit score or FICO® Score?
A lot of weight is put on a FICO® Score because it’s an easy way to do a quick risk assessment. If you don’t have a FICO® Score it can make qualifying for a mortgage a little more difficult, but not impossible. At Churchill, our Home Loan Specialists are professionally trained to help you get a smarter mortgage that can be paid-off quickly, so you can return to a debt-free lifestyle as soon as possible.
All home loans go through an underwriting process, but no score loans need to go through a manual underwriting process. This means an underwriter will review your application — including documents such as bank statements, pay stubs, and monthly bill payments. There is more documentation involved when applying for a no credit score loan, but once approved the process is as seamless as any traditional home loan.
I'm debt-free and looking to buy a home—what’s next?
Congratulations on being debt-free! Here’s 5 easy steps to getting a no credit score loan:
- Fill out the form and connect with one of our Home Loan Specialists.
- Determine how much you want your mortgage payment to be each month. We recommend no more than 25% of your take-home pay. Check out the How Much House Can I Afford? calculator to help you crunch the numbers!
- Review your Total Cost Analysis provided by your Home Loan Specialist.
- Gather all necessary documents: paystubs, bank statements, monthly bills, and investment information.
- Set aside money for your down payment.