Thinking About Applying for A No Credit Score Loan?

When you're debt-free, you may not have a credit score. But that doesn't have to impact your ability to buy a home if you can't pay cash. At Churchill Mortgage, we can walk you through the process of getting a no score home loan that can be paid off quickly. This allows you to return to your debt-free lifestyle as soon as possible.

NIFA – First – Time Homebuyer Loan

First Home Program Eligibility First Home HomeBuyer:Individuals who haven’t owned and occupied a primary residence within the past three years, are considered a first-time homebuyer. Even if a home was owned years ago, but has been occupied by renters for three or more years, to us that's still considered a first-time homebuyer.Potential buyers do not need to be a first-time homebuyer if:They are a qualified veteran who has been discharged from the service under conditions other than dishonorable ORThey're purchasing a home located in a target area. Use our Geocoding/Mapping System to help identify whether or not a specific home is in a target area.Note: There are some situations when NIFA may grant an exception to the first-time homebuyer requirement. If one of these situations apply, a Participating Lender will submit documentation to our office for review during the loan application process:If home is lost by divorce and individual received no sale proceedsIf home is lost by a natural disasterIf home is lost by a forced job relocationNIFA is committed to helping homebuyers get into their new home with a great, low interest loan, and minimal hassle.Household Income Limits:All NIFA loan programs have maximum household income limits based on the home’s location and household size. NIFA’s program eligibility includes the income of any adult member who will reside in the home and will be a borrower, co-borrower or non-borrowing spouse. Note: Income from other adult occupants is only included when the occupant will have an ownership interest in the home.This includes, but is not limited to, base pay, overtime, commissions, bonuses, tips, self-employed income, social security, disability, unemployment, child support, alimony, part-time income and interest income from assets over $5,000.NIFA will use your current monthly household gross income and will project it over 12 months. This calculation method is only used by NIFA to determine program eligibility. In most cases, your Participating Lender will use a more conservative underwriting approach for income to qualify you for the loan.  First-Time Homebuyer Education:NIFA requires First-Time Homebuyers to complete an approved homebuyer education class before closing because we understand how overwhelming it can be to purchase your first home. From one of these classes, a first time homebuyer will gain valuable knowledge on the loan process, terminology, budgeting, tips for selecting a real estate agent, home inspections, home maintenance and much more.Browse NIFA-approved classes

Building Your Credit Score

Take The FirstHome IQ Quiz

Things To Consider When Buying A Home

Start Application Here!

Search For Homes Here!

Hello and Welcome! I have invested in a product called Homebot to help guide you through the home-buying journey!Without the proper support, finding a new house can be overwhelming. Take comfort in knowing you’ll be financially confident with the houses you put offers on. Homebot provides free personalized information to help you find the perfect home based on your unique financial position.Homebot will help you buy with confidence:Based on your specific budget and financial goals, Homebot crunches numbers to figure how compatible each home you view is.You’ll get insight into the total cost of homeownership - not just the monthly payment.Selling too? Add your home to see its value and how much cash you could put towards your next home.If you aren't set up already, just click on the 'website' box and follow the steps. Feel free to call, email, or message me at any time and I hope you enjoy Homebot.

Debt Consolidation

One of our amazing peers talked to a past clients who shared how his various debt payments are piling up.• Student loans• Credit cards• Auto loans• Personal loansIt all added up to $110,000 with monthly payments of $2,900.My goal with all clients is to help you build wealth over your life, specifically with real estate and debt management.This specific client has done very well with the equity gained on his home over the last few years.We were able to tap into his equity with a HELOC (home equity line of credit) and take a loan of $110,000 to off all of his debt mentioned above.This strategy LOWERED HIS MONTHLY PAYMENT TO $1,100 AND SAVED HIM $1,800 PER MONTH!If he uses that extra savings to pay down his new debt, he will be debt-free in less than 4.5 years. Another goal I have for all of our clients is to be debt-free, including your mortgage.Do you have a client in a similar situation? I can help!To learn more, click the link here and schedule a time for us to talk.https://calendly.com/lynette-arrasmith/mortgage-reviewTeam ArrasmithLynette Arrasmith | Team Leadhttp://www.TeamArrasmith.com

Road Map

Dos and Don’ts

Find Your Home Value

So, you receive quarterly statements from your 401(k), right? I now you're not looking to pull money out on it right away but it's still valuable to understand how you are building wealth towards retirement. Well, why wouldn't you receive consistent reports on the value you are building in your home equity? Exactly, you should and you can!Introducing, Homebot. Homebot will empower you with the ability to manage the asset of home ownership. It will also help you keep your eye on the updated market value of your home and help you identify personal strategies to pay down your mortgage to build wealth.How would you like to keep an eye on available homes in the market (locally and elsewhere) should you ever have an interest to further expand your investment in real estate or be looking to move?! You can!Keep an eye on your email. As a bonus to our valuable clients, you will be receiving an email with your 'Digest' within a month of closing. Our treat! I think you'll find it a valuable tool.Already a client and/or not in the market at this time, no problem. Click here to add your home to Homebot to be 'in the know': https://homebot.page.link/?apn=com.homebot.app.android&isi=6448762620&ibi=com.homebot.app.ios&link=https%3A%2F%2Fhomebotapp.com%2F%3Fshare_code%3Dlynette7332 Enter your email and you will be sent a link to create an account. Code lynette7332 if you need one.

Construction To Perm

Home Equity Line of Credit (HELOC)

What if I’m Using Gift Funds?

Using gift funds for a mortgage down payment can be a great way to help fund the purchase of a home. Gift funds are funds given to you by a family member, relative, or sometimes a close friend, to assist with the down payment or other closing costs associated with a mortgage. Using gift funds can be a valuable resource to make your home purchase more affordable. Here's how you can go about it:1. Confirm Lender Policies: First, you'll want to speak with your lender (or me, your Mortgage Loan Officer) to understand their specific guidelines regarding using gift funds. Lenders often have rules about who can gift you funds, the required documentation, and how much of the down payment can come from gifts.2. Source of the Gift: The person gifting you the funds will need to provide a gift letter, which is a formal statement confirming that the funds are a gift and not a loan. This letter should include the giver's name, relationship to you, the gift amount, the purpose of the gift (down payment), and a statement that the funds do not need to be repaid.3. Documentation: You'll need to provide documentation to show the source of the gift funds and the transfer of funds. This could include bank statements from the giver showing the withdrawal of funds and your bank statements showing the deposit of the gifted amount.4. Transfer of Funds: To ensure a smooth process, it's essential that the funds are transferred properly. Ideally, the gift funds should be transferred directly from the giver's account to your account. Avoid mixing the gift funds with your own funds, as this could complicate the verification process.5. Gift Letter: The gift letter, along with the giver's bank statements and any other required documentation, should be submitted to your lender as part of your mortgage application package.6. Underwriting Process: During the underwriting process, the lender will review the gift letter and supporting documentation to ensure that the funds meet their requirements. They'll want to confirm that the funds are a true gift and won't create additional debt for you.7. Closing: Once the lender approves the use of gift funds, the funds can be applied towards your down payment during the closing process. The gift funds will be listed on your Closing Disclosure, which is the official document detailing all the costs and credits associated with the loanIf you have any questions or concerns, please don't hesitate to reach out. I'm here to help you navigate the process and make your home-buying journey a smooth one. Lynette, Team Arrasmith

No Credit Score, No Problem

When you're debt-free, you may not have a credit score. But that doesn't have to impact your ability to buy a home if you can't pay cash. At Churchill Mortgage, we can walk you through the process of getting a no score home loan that can be paid off quickly. This allows you to return to your debt-free lifestyle as soon as possible.

How to Stop Credit Bureaus From Selling Your Data Without YOUR Permission!!

Did you know that the credit repositories (Equifax/Experian/TransUnion) can sell your personal data without your permission? Prompting annoying sales and solicitation calls, at best, or at worst, fraudulent junk debt dealers harassing you.Trigger leads enable companies to see when you're in the market for credit so they can market their services to you. Receiving unsolicited offers can feel annoying and invasive.You can opt-out of solicitations from credit and insurance companies and sign up for the National Do Not Call Registry.TAKE ACTION TO OPT OUT - CLICK THIS LINK -https://www.optoutprescreen.com/You can register with the Do Not Call List if you are bombarded with emails, texts, snail mail, or phone calls. To opt out of these lists, visit DoNotCall.gov or call 1-888-382-1222For more info on how trigger leads work visithttps://www.youtube.com/watch?v=Tx9Fgioz0Xg

Private Mortgage Insurance (PMI) Explained

Private mortgage insurance (PMI) is a type of mortgage insurance you might be required to buy if you take out a conventional loan with a down payment of less than 20 percent of the purchase price. PMI protects the lender—not you—if you stop making payments on your loan. Here's a helpful article that talks about when you can remove PMI and the steps to take.https://www.consumerfinance.gov/ask-cfpb/when-can-i-remove-private-mortgage-insurance-pmi-from-my-loan-en-202/

Utility Helpers

Churchill Mortgage is a proud partner with Utility Helpers! This collaboration provides a one-of-kind concierge service to help your navigate the challenges of setting up everything from utilities, alarm systems, trash, plus many others. The dedicated team at Utility Helpers makes sure you have every opportunity to focus on the purchase of your new home and take the stress of time-consuming transfers of various utilities off their plate. 

How My Credit Guy Improves Your Credit Score – Analyze, Negotiate, Educate!

Your credit score is like your financial report card - it plays a huge role in determining your loan type, interest rate, monthly payments, and your home-buying power. If your score is low, you could be building up credit, have some debt you're dealing with, or simply may not be using credit often (or at all). Whatever your score is, we're here to ensure you're armed with the credit knowledge you need to get into your dream home.P.S. Download our free guide for a simple breakdown of credit and how it affects your home-buying journey.