Since I have just went through the loan process and gained such valuable insights from the board (many thanks!) a friend has asked if I could help them get things together for a loan.
They are wanting a 30,000 condo, they are looking at taking advantage of this program http://www.wvhdf.com/home-buyers/homeownership-program
make 1500/month, currently pay 450 rent, 400 car payment (loan in mother in laws name)
They have a very thin file, like 1 trade line with cap one that is around 16 months old, 1 closed trade line with First Premier (closed at their request). And 2 inqs from car shopping 01/15.
Are there traditional loan products that can use Alternative Credit? The property is located in an area that qualifies for USDA loans, will they do USDA for Condos?
Haven't pulled their mortage scores yet waiting to see feedback from the board before moving forward.
Side note they have a spouse whos credit may have some derogs but maybe have some more age, although they currently are unemployed.
Any advice would be most helpful, thanks!