Express Capital Mortgage Working With "Thin Credit"

Express Capital Mortgage has been working with many young borrowers lately that realize it's a good time to buy.  The typical situation is that they have recently graduated college and have a career job but don't have any credit history yet.  However, most do have history that isn't part of that credit report that can be used in purchasing a home.

• Borrower must provide a sufficient number of alternative credit ratings to complete the 3 tradeline requirements

• Alternative credit must be reported on a credit supplement separate from the credit used for DU purposes.  Express Capital Mortgage handles this part in their processing but it should be known that we are in essense building a custom credit profile for you.

• At least one of the alternative credit ratings must be from Group I (below).

• Additional alternative credit sources may be from Group II (below).

• In the event the borrower cannot provide at least one piece of alternative credit from Group I, the occupying borrower must qualify with ratios not to exceed 31/43.  If you are not sure what this means ask AzMortgageMan or an Express Capital Mortgage team member.

Group I

- Rental housing payments (subject to independent verification if the borrower is a renter), utility company reference (if not included in the rental housing payment), including gas, electricity,water, land-line home telephone service, cable TV. If the borrower is renting from a family member,request independent documents to prove regular payments, such as cancelled checks.

Group II

- Insurance coverage [i.e. medical, auto, life or renter's insurance (not payroll deducted)], payment to child care providers (made to a business providing such services), department stores,furniture/appliance stores, specialty stores, rent-to-own furniture or appliances, payment of medicalbills not covered by insurance, internet/cell phone services, a documented history of saving by regular deposits (at least quarterly, non-payroll deducted, no NSF checks reflected) resulting in an increasing balance to the account, automobile leases or a personal loan from an individual with repayment terms in writing and supported by cancelled checks to document payment.

Express Capital Mortgage is dedicated to helping future buyers taking steps towards homeownership.  If we can't help you buy right away for credit reasons we can help you create a customized path.