From 24/7 Wall St. · Jake FitzGerald · · 1m 20s
Ramsey Host to $250K Earner With No Credit Score
Self-employed earner with $250k income and no credit score gets no-score mortgage at 6.60% rate.
In brief
Self-employed earner with $250k income and no credit score gets no-score mortgage at 6.60% rate. A self-employed borrower earning $250,000 annually with no credit score secured a no-score mortgage at 6.60% after lenders rejected him repeatedly. Originally reported by 24/7 Wall St..
Ramsey Host to $250K Earner With No Credit Score
A self-employed borrower earning $250,000 a year with zero debt keeps getting rejected by lenders.
“Nobody cares about you. You are a number in an algorithm, in a spreadsheet”
No-Score Mortgage Solution
Ramsey hosts recommended a manually underwritten no-score loan with $40,000 to $50,000 down for a $300,000 to $350,000 home.
“He said he got his own no-score mortgage there while sitting in this seat.”
Rate Spike Impact
Freddie Mac's 15-year fixed average rate hit 6.60% on October 1, up 0.62 percentage points from late August.
Loan Process Timeline
Manual underwriting requires twelve months of on-time rent, checking, savings, utility payments, and tax returns to complete.
Interest Cost Difference
A $300,000 loan at 6.60% costs $18,272 more over 15 years than at 5.98% from late August.
Rate Exposure Risk
The longer it takes to lock a rate, the more interest costs rise as rates fluctuate weekly.
Action Steps for Borrowers
Download 12 months of bank statements, collect payment records, run payment at 6.60%, and get quotes from at least two lenders.
The short version
A self-employed borrower earning $250,000 annually with no credit score secured a no-score mortgage at 6.60% after lenders rejected him repeatedly.
