Guild Mortgage rolled out a new program, aimed at first-time homebuyers, which will accept rental payment records and residual income history in place of credit scores.
If the borrowers’ report from financial tech company FormFree, which provides the rental payment history and residual income analysis, shows consistent payment records, the borrowers may qualify to receive a lower interest rate and lower fees, according to a statement from Guild Mortgage. The program is available for several home loan types, including Federal Housing Administration (FHA), United States Department of Agriculture (USDA) and Department of Veterans Affairs (VA).
“A lack of credit history is a details ⇒
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