Credit Faqs

A no credit check house purchase simply entails purchasing a home without the seller or owner requiring a credit check in order for you to qualify to purchase the home. You may have to show you have an income that can satisfy the monthly payment whether it be a job or spousal support or some other means but certainly much more flexible than what a bank would be. Additionally you may be required to pay a small down payment. (This varies with the seller and can be from as little as 2% to as much as 20%)

The reason you can buy a home with no credit check is simply because the mindset is if you make a down payment and pay closing costs etc the chances are you will pay for your home. Furthermore sellers know this is usually a 2nd or 3rd chance for their “no credit check home buyers” and that the chances are the buyer will be much more cautious and make the payments in a timely fashion.

Many times sellers of no credit check houses and homes will also offer credit repair services to help the buyers qualify for a loan in the future to refinance the home purchased at a later date. This is beneficial to both buyer and seller since the buyer can lower their interest rate by refinancing to a lower rate and the seller can be paid off and be paid his equity in the home. This is a win/win for everyone involved.

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Article Source: No credit check houses-What banks don’t want you to know