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Most homebuyers began to establish credit as young adults- whether it is in the form of a student loan, a credit card, or a car loan; but, there are always those consumers who have not built their credit.

Is there a way to get a mortgage without a credit score?

President and CEO of Ross Mortgage Corp. in Royal Oak, Michigan, Tim Ross, states that it is possible, but, it is very difficult.  Lenders use an automated underwriting system that helps them to determine the risk of the applicant.  Information in this system is specific information that includes the applicant’s credit score.  Lenders do have nontraditional means that can be used for credit verification.

Most mortgage lenders generally require that applicants have a score of no less than 620 in order to be considered for a loan.

Regardless of your reason for not having built your credit, there are alternative sources that mortgage lenders can use to determine one’s credit risk. Sources include different types of verification, such as, canceled checks that can be verified through the landlord or canceled checks over a period of time. Other alternative sources of credit include:

•    Utility bills for water, electric, and gas provided they are paid separately from your monthly rent.
•    Cable and telephone bills.
•    Medical insurance, life insurance, renters insurance and car insurance payments if they are not automatically deducted from your salary.
•    School tuition or child care payments.

The more of a solid payment history you can provide to the lender, the better your chances of qualifying for the loan.