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FHA home loans were created to help increase homeownership. Florida homebuyers without a credit score can qualify for FHA financing using non traditional credit as a means of showing the lender your willingness and ability to make your monthly payments in a timely manor.

When Florida mortgage lenders evaluate a borrowers non-traditional credit histories, a satisfactory payment history of at least 12 months must include the following.

When evaluating borrowers with no credit references, or otherwise having only Group II references as outlined below, a satisfactory credit history, at least 12 months in duration, must include one of the following:

Group Number

Types of Credit References

Group I

 

Note: If the borrower is renting from a family member, request independent documents to prove regularity of payments, such as cancelled checks.

Group II

 

In order to enhance the likelihood of homeownership sustainability for borrowers with insufficient credit histories, the underwriting guidance below is provided.