No Credit Score? No Problem! We Have a Solution for That!

Purchasing a home is a significant milestone in many people’s lives, but the path to homeownership can be challenging, especially for those without a credit score. Traditionally, a good credit score is a crucial factor in securing a mortgage. However, not having a credit history doesn’t mean you can’t achieve your dream of homeownership.

A credit score is a numerical representation of your creditworthiness, and it helps lenders assess the risk associated with lending you money. While a high credit score is beneficial, it’s not the only factor lenders consider when approving a mortgage application. If you have no credit history, it can be more challenging, but not impossible, to secure a mortgage. Gershman Mortgage can do a Manual Underwrite. This option allows us to use alternative credit sources to qualify buyers.

These might include:

Rental history: If you’ve been a responsible tenant and have a record of on-time rental payments, provide your rental history to potential lenders.

Utility bills: Consistent and timely payments of utility bills can also demonstrate your financial responsibility. Collect and present records of these payments to potential lenders.

Non-traditional loans: Consider obtaining a credit-builder loan or a secured credit card to establish a credit history over time. These financial products are designed for people looking to build or rebuild their credit.

A co-signer with an established credit history can significantly improve your chances of getting approved for a mortgage. A co-signer is someone who agrees to be equally responsible for the mortgage if you fail to make payments. Be cautious, though, as this option requires a great deal of trust and responsibility on both sides.

Securing a mortgage without a credit score may be more challenging, but it is not impossible.  To get started on your journey to homeownership, contact Andy today at 314-221-7797.


Andy Schoemehl | Vice President
314.221.7797 phone | 636.898.1017 fax
[email protected]
NMLS #258507
16253 Swingley Ridge Rd, Suite 200
Chesterfield, MO 63017

About the Author
Worth Clark Realty
We’re a true full-service real estate brokerage, providing innovative and value-driven services to help people buy, sell, and lease residential real estate.

We're proud to be agent-owned.