How to Get a Mortgage With No Credit Score

Yes, it is possible, and yes it was work but it pays to not bow down to the almighty FICA (as Dave Ramsey would say). We don't need to have debt to prove we pay our bills. We don't need a credit score to get a mortgage. So here is a recap of how we did it and how you can do it.

Here is a list of how you can get a mortgage with no credit score:

-Pay off your debt and get rid of credit
-Build up a large down payment (at least 20%)
-Work: Keep a steady job for a few years with a steady income
-Pay your bills
-Use a local credit union or bank (not a big national bank)
-Talk to a real person when applying for a mortgage

It is really as simple as that. And, thanks be to God, we are on our way to paying off the darn thing.

A few side notes:
-Remember that Dave Ramsey suggests to get a 15 year fixed rate mortgage with payments that are less than 25% of your take home pay.
-You should not have to pay PMI (Private Mortgage Insurance) because your down payment is over 20%.
-Try to negotiate escrow. We negotiated with the bank manager to remove escrow. You can get a better deal on homeowners insurance if you purchase it yourself and you also have more control of your own money since the bank is not holding extra money for taxes and insurance.

To Read the full detailed story check out: Part 1, Part 2, Part 3, and Part 4