No FICO? You May Still Qualify

Limited credit history does not always mean homeownership is out of reach. In the San Francisco Bay Area, qualified borrowers may have no-FICO or alternative-credit options depending on the loan program. Conventional financing may allow no-score borrowers with 12 months of housing history and a non-occupying co-signer. FHA generally requires at least one borrower to have a score, while no-score applicants may need three HUD-approved alternative tradelines. VA guidelines may require one borrower to have a minimum 620 score, with three non-traditional tradelines for no-score borrowers. Gift funds may also be considered when permitted. Requirements vary, so speak with a licensed mortgage professional for guidance.