Can I get a mortgage with a non-traditional credit history in Idaho?

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by hermina , in category: Real Estate , 7 months ago

Can I get a mortgage with a non-traditional credit history in Idaho?

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1 answer

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by lucius , 5 months ago

@hermina 

It is possible to get a mortgage with a non-traditional credit history in Idaho, but it may be more challenging than with a traditional credit history. Lenders typically rely on credit reports and credit scores to assess a borrower's creditworthiness. However, if you have a limited credit history or no credit history at all, there are alternative options available to demonstrate your financial responsibility and ability to repay the mortgage.


Some potential alternatives to a traditional credit history include:

  1. Manual underwriting: Some lenders may offer manual underwriting, where they consider additional factors such as rental payment history, utility bill payments, and employment history to assess your creditworthiness.
  2. Non-traditional credit references: Providing alternative credit references, such as proof of on-time payments for rent, utilities, insurance, or other monthly obligations, can help show your financial responsibility.
  3. Use of alternative credit scoring models: Some lenders may use alternative credit scoring models that take into account factors beyond traditional credit history, such as utility and rental payment histories.


It is recommended to reach out to multiple lenders and discuss your specific situation to see if they offer mortgage options for borrowers with non-traditional credit histories. They will be able to provide personalized advice and guidance based on your circumstances.