28 Mar 2025
By Mark Feder

Can I Get a Mortgage Without a Credit Score By Using Alternative Credit History?

Mortgage
If you've been managing your finances responsibly but don’t have a traditional credit score, you may be wondering whether homeownership is still within reach. The good news? It is! While most mortgage lenders rely on credit scores to assess your creditworthiness, alternative credit history—like rent payments, utility bills, and other recurring expenses—can help you qualify for a mortgage. What Is Alternative Credit History? Alternative credit history consists of financial records that demonstrate your ability to manage debt and make payments on time, even if you don’t have a credit card or traditional loans. Some examples include: Rent payments – A…
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18 Mar 2025
By Mark Feder

How Debt-to-Income Ratio Affects Your Mortgage Eligibility

Home Buyer Tips
When applying for a mortgage, lenders evaluate several factors to determine your loan eligibility. One of the most critical metrics is your Debt-to-Income Ratio (DTI). Understanding how DTI impacts mortgage approval can help you better prepare for homeownership and improve your chances of securing the loan you need. What is Debt-to-Income Ratio (DTI)? DTI measures the percentage of your gross monthly income that goes toward monthly debt obligations. Lenders use this ratio to assess your ability to manage additional debt responsibly. There are two types of DTI: 1. Front-End DTI: Focuses solely on your housing expenses, including mortgage principal, interest, property taxes,…
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20 Jun 2024
By Mark Feder

Home Mortgage Application: Understanding Proof of Income

Mortgage
Buying a new home is exciting, but it comes with a fair share of paperwork, especially when applying for a mortgage. One crucial component lenders will analyze is your proof of income. Let's take a look at what proof of income involves, document examples, and where to find them. What is Proof of Income? Proof of income is documentation that verifies your earnings. Lenders require this to ensure you have a steady income stream capable of covering your mortgage payments. This documentation provides lenders with a clear picture of your financial health and helps them determine how much you can…
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01 May 2024
By Mark Feder

The Role of a Co-Signer in Mortgage Applications: Pros, Cons, and Alternatives

Mortgage Application
Are you dreaming of owning your own home but facing obstacles in securing a mortgage? You're not alone. Many aspiring homeowners encounter challenges due to factors like credit history, income, or debt-to-income ratio. There is a potential solution that could help you achieve your homeownership goals: a cosigner. A cosigner, typically a family member or close friend, agrees to take joint responsibility for a mortgage loan alongside the primary borrower. While this arrangement can offer several benefits, it's essential to weigh the pros and cons carefully before proceeding. Pros of Having a Co-Signer Higher Approval Odds: If you have a…
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