This is one of the most commonly asked mortgage questions, and the answer may surprise you.
If you’ve paid off all your debt—and I recommend you do before buying a home—it is possible you won’t have a credit score when you meet with a lender. That might make you nervous. But don’t worry; you can still get a mortgage.
If you apply for a mortgage without a credit score, you’ll need to go through a process called manual underwriting. Manual underwriting simply means you’ll be asked to provide additional paperwork for the underwriter to review personally. Your loan process may take a little longer, but buying a home without the strain of extra debt is worth it!
Not every lender offers manual underwriting. Do a little research on the front end to find the ones in your area that will, like Churchill Mortgage.
