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no-credit-score-buyers-reator-rau

Finally, help for no-credit-score home buyers!

By

Tynna Rau

Posted in Buying On February 18, 2020

Report Studies ‘Credit Invisibility’ in HUD-Assist Households

It’s hard for low-income renters to move up if they don’t have a credit score, so HUD is looking at ways to report on-time rent payments to credit companies.

WASHINGTON – A low credit score or even non-existent (invisible) credit score can limit housing choices and employment opportunities because landlords and property management groups regularly use credit checks to vet potential tenants and many employers do credit checks as part of their hiring decisions.

To help low-income families obtain credit scores, the U.S. Department of Housing and Urban Development (HUD) and the Policy and Economic Research Council (PERC) conducted a first-of-its-kind study. It found that if the rent payments of HUD-assisted families are reported to credit reporting agencies, many of these households would cease being ‘credit invisible.’

The joint study, “Potential Impacts of Credit Reporting Public Housing Rental Payment Data,” looked at rental data from three Public Housing Authorities (PHAs): The Housing Authority of Cook County (IL); the Louisville (KY) Metro Housing Authority; and the Seattle Housing Authority.

HUD and PERC then examined how reporting rent payments made by thousands of these HUD-assisted households to nationwide consumer reporting agencies would impact their credit ratings. The study also sought to determine whether reporting rent payments to consumer credit reporting companies would overcome the problem of ‘credit invisibility.’

“Rent is the largest monthly recurring expense that many households pay and reporting it can be a powerful way to reduce credit invisibility,” says Seth Appleton, HUD’s Assistant Secretary for Policy Development and Research. “This unprecedented study will excite a new conversation about the need for focusing on improving the credit of low-income families, and how on-time rent payment is an important way to show credit-worthiness.”

According to co-author and PERC President Dr. Michael Turner, 53 million people in the U.S. have sparse or no credit history which “can lead to a credit Catch 22 – in order to qualify for credit, you must already have credit.”

The study analyzed credit scores (Experian and TransUnion) of more than 9,000 HUD-assisted households in Cook County, Illinois; Louisville, Kentucky; and Seattle using credit risk models from FICO and VantageScore.

Report findings

Reporting rental payment data resulted in a significant increase in the number of HUD-assisted tenants (between 54% and 65%) with credit scores above 620. In addition, including rental payment data nearly eliminated credit invisibility among HUD-assisted tenants. In one risk model, the rate of ‘unscoreable’ tenants fell from 49% to 7%; in another risk model, the share of tenants with little or no credit history fell from 11% to 0%.

While this study found that an on-time rent payment history can improve credit visibility and improve credit scores, it also found something else: Many public housing tenants still have subprime credit scores that limit their housing choices and ability to obtain insurance.

HUD says that promoting economic opportunity by encouraging self-sufficiency and financial stability is one of its priorities, and poor credit is a barrier to obtaining better housing. However, this latest study, in combination with other research, suggests that that extremely low-income families are not as high a credit risk as current credit models predict.

© 2020 Florida Realtors®

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eXp Realty is the first cloud-based real estate brokerage, the largest residential real estate brokerage by geography in North America and the first and only real estate brokerage to operate as one company-owned brokerage in all 50 U.S. states. It is one of the fastest growing real estate brokerage firms in North America with more than 15,000 agents across 50 U.S. states, the District of Columbia and three Canadian provinces. As a publicly traded company, eXp World Holdings uniquely offers real estate professionals within its ranks opportunities to earn company stock for production and contributions to overall company growth.

homesbyrau

Tynna Rau | Florida Realtor®
Newly renovated apartment rentals with stainless s Newly renovated apartment rentals with stainless steel appliances available mid January! All units are 2 bedrooms and 1 bathroom, A/C, and full kitchens. DM me for more details, you can also text COURTYARDVILLAS to +1-941-220-0989. 👩🏽‍💼

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Rolling into 2023 with a new contract! RWARR!! 🎆🍾🐅

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I’ve been working with this buyer since May of l I’ve been working with this buyer since May of last year and now I’m super excited to say that they are finally under contract with this beautiful new construction home in Haines City! Congratulations Shannen, Justin and family! I can’t wait to see your happy faces once you finally close on this house! 📄 🖊️ 🤗 

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🚨 JUST LISTED 🚨 Durant Homes Assisted Livin 🚨 JUST LISTED 🚨

Durant Homes Assisted Living Facility

6929 Durant Rd,
Plant City, FL 33567

$850,000.00

13 Bed
3.5 Bath
3,487 sqft
This property is being sold with the business including the patients, employees and all the furniture, as well as the mobile home on the back of the property.

Great commercial investment opportunity! This assisted living facility sits on a little piece of paradise near the end of a small country road. It’s private, quiet and shady. This facility is licensed for 20 patients and currently has 18. 7 of the bedrooms are shared between 2 patients and 6 bedrooms are used for single patients. 🛏️ 

Updates performed in the last year include:
- The roof
- The windows in the bedrooms
- 2 of the bathrooms tub and shower combos
- The front porch exposed decking

The 3 bedroom, 2 bath mobile home in the back of the property was added last year and is used to house onsite employees. Around the property you will find various planted fruits and vegetables including avocado, mango, guava, jackfruit, atis, ube, banana, and sweet potato. Don't miss out on this incredible commercial investment opportunity - call today to schedule a private tour today! 👩🏽‍💼

Ma. Cristina “Tynna” Rau
EXP Icon Agent & Certified Mentor
EXP Realty | The Alliance Group
(407) 900-7902
tynna.rau@exprealty.com
homesbyrau .com

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Congratulations to my friend Diana for closing on Congratulations to my friend Diana for closing on this house on her birthday! We got 25k off asking price, and all the repairs requested were covered by the seller! 🍾🥂

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Happy to serve! 🤗 #homesbyrau #realtorrau #te Happy to serve! 🤗 

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That feeling when when you finally closed on your That feeling when when you finally closed on your home! 🍾🥂😂

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Another new construction home under contract! It’s important to have your own representation even when buying new construction, because besides having your best interest at heart, who else is going to get you $11k towards design options and $14k to buy down rates? This beautiful home will be ready for the family in July of next summer! 📑🖊️🏡

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Feeling grateful to help another Filipino family g Feeling grateful to help another Filipino family get their dream home in Gainesville! This family moved to the US in 2021 and they’re already official homeowners before they even became US citizens. Hard work pays off when you delay gratification! They went under contract on this new construction home at the beginning of the year and they closed on it last week with $40k in equity! Congratulations to the new homeowners! 🍾🏠💵

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