New Waterstone Program Targets the "Credit Invisibles"
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New Waterstone Program Targets the "Credit Invisibles"

July 23, 2019
Waterstone Mortgage Corporation has announced the opening of a new branch office in St. Louis, to be led by Regional Manager Abraham Rezex
Waterstone Mortgage Corporation has introduced its Non-Traditional Credit Program, which allows homebuyers with no credit history to qualify for a home loan based on other payment history indicators, such as cellular phone bills, rent, utilities and insurance premiums.
 
More than 26 million Americans have no credit score, according to research by the Consumer Financial Protection Bureau (CFPB). The CFPB also found that an additional 19 million Americans have a limited or outdated credit history that cannot be scored by traditional credit bureaus such as Equifax, Experian, and TransUnion. As a result, approximately 18 percent of the adult American population is “credit invisible”–meaning they have a credit history that is limited or non-existent.
 
“While a credit score is certainly very useful for determining a homebuyer’s ability to pay their mortgage payment, other payment indicators–such as bills that are consistently paid in full and on time–can be extremely telling,” said Waterstone Mortgage SVP–Investor Relations & Product Development Kim Newby.
 
The new program is available with Waterstone Mortgage’s conventional, FHA, USDA, or VA loan options, and is designed to help credit invisible homebuyers achieve their goal of homeownership.
 
“Of course, the Non-Traditional Credit Program is ideal for borrowers who only use cash, debit or personal checks on a regular basis. But it’s also designed for those who have had credit cards or loans in the past, but who haven’t utilized credit in more than two years,” Newby said. “Also, recent immigrants who haven’t yet established a credit score in the United States could benefit from this program, as well as young adults and recent college graduates who are just beginning to build their credit.”

 
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