Debt aware lender for Dave Ramsey fans
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Types of loans offered
Compliance, FHA, VA, USDA, jumbo, mortgage No Score
- The No Score Mortgage helps borrowers without a credit score get a mortgage
- Churchill Certified Home Buyer Program Offers Underwritten Conditional Approval
- Get your questions answered with Churchill’s live online chat
- Can’t see rates without talking to a loan officer
- Does not disclose lender fees on its site
- The No Score mortgage can take up to three times longer to complete
- Available in all states except Hawaii and New York
- Minimum credit score and down payment shown is for conforming mortgages
- To qualify for a No Score mortgage, you will need to provide four different accounts showing on-time payments over the past 12 months. This may include cell phone bills, utility payments, rent, insurance, tuition, or childcare
Overall Lender Rating
Advantages and disadvantages
Mortgage Interest Rates in Churchill
Churchill Mortgage does not display rates on its site. If you want to see what your rate might be with this lender, you’ll need to apply for a mortgage or speak to a loan officer.
His reason for not displaying prices is that sample rates can be misleading, since your actual rate will depend on your situation. While it’s true that the rate you end up at will likely be different from the rate a lender advertises online, many
display sample rates to give potential borrowers an idea of the range of rates they offer. Some lenders will even allow you to customize rates based on different factors such as your credit score and location.
Churchill Mortgage vs. Carrington Mortgage Services
Both of these lenders have some great specialty mortgage options for borrowers who might otherwise struggle to qualify for a mortgage. Carrington Mortgage Services’ Flexible Advantage Mortgage is for homebuyers with credit scores as low as 550 or recent events like bankruptcy on their credit reports. Churchill Mortgage’s No Score Mortgage, on the other hand, is for homebuyers who don’t have a score.
Churchill Mortgage is a good option for borrowers who have avoided debt or have paid off all debt and therefore have no credit score. For borrowers who have good credit ratings but a difficult credit history, Carrington would probably be the best choice.
Carrington also estimates that its mortgages for borrowers with low scores typically close in 30 to 45 days, which is the average closing time for all mortgages. Churchill’s No Score mortgages, on the other hand, can take three times longer to close than a traditional deal.
Churchill Mortgage vs. Truist
Low-income borrowers can get a mortgage from Truist with just 3% down payment and no mortgage insurance through its community homeownership incentive program. Truist also offers a more robust range of mortgage options, so if you’re looking for a HELOC mortgage, a doctor’s mortgage, or a construction-to-permanent mortgage, this lender will be the obvious choice of those two.
Truist and Churchill mortgages both accept alternative forms of credit from borrowers who do not have a credit score.
How Churchill Mortgage Works
You can get started with Churchill Mortgage online or over the phone. Once you apply, you’ll be able to see what kind of rate this lender can offer you and lock in a rate for up to 90 days.
Churchill also has a Certified Home Ownership Program which provides slightly stronger approval than a standard pre-approval. With this program, an underwriter reviews your application and issues a conditional approval.
Having pre-approval in hand when making an offer on a home is important because it shows sellers that you have the funds to back your offer. Having a pre-approval that has been taken out in advance can help your offer stand out among buyers with standard pre-approvals.
Churchill Mortgage does not lend in Hawaii or New York.
If you want to get a compliant or FHA mortgage with this lender, you will need at least a 620 credit score. Churchill Mortgage does not list minimum scores for its VA or USDA mortgages online. Conforming mortgages require a
at least 3%; FHA mortgages require 3.5%. VA and USDA mortgage borrowers are not required to make a down payment.
If you have no credit score, you may qualify for a Churchill No Score mortgage with non-traditional credit. To be approved for one of these mortgages, you will need to provide statements for at least four different accounts showing that you have made payments on time over the past 12 months. Acceptable forms of non-traditional credit include cell phone or utility bills, insurance payments, college tuition, child care costs, or rent.
Keep in mind that getting a no-score mortgage can take a lot longer to close than a traditional mortgage. Churchill says it can take at least 60 days for a borrower to be approved for a No Score mortgage.
Churchill’s No Score mortgages also take longer to close than some similar mortgages offered by other lenders. Guild Mortgage, for example, reports that its average closing time is 30 to 45 days, whether the borrower has little or no credit. Carrington Mortgage Services also estimates a 30-45 day closing time for low credit borrowers, but says other variables, such as an FHA mortgage repair required, can affect how long it takes. . If you have no credit score or a low score and want to close faster, you’re probably better off using one of these lenders.
You can speak to Churchill Mortgage customer service by phone or by using their online chat tool. You can also use his branch search function to find a Churchill Mortgage branch near you.
Is Churchill Mortgage Trustworthy?
Churchill Mortgage currently has a A+ rating from the Better Business Bureau. BBB ratings are based on honesty in advertising, transparency about its business practices, and efficiency in responding to customer complaints.
Churchill Mortgage FAQs
Does Churchill Mortgage belong to Dave Ramsey?
Dave Ramsey doesn’t own Churchill Mortgage, but it’s the only mortgage lender he recommends. Ramsey preaches financial freedom through a debt-free lifestyle. If you have no credit score because you have no debt, you can get a No Score mortgage with Churchill.
Does Churchill Mortgage provide VA loans?
Churchill Mortgage currently offers VA loans. If you qualify for this type of mortgage, you can get one from Churchill Mortgage with a 0% down payment.
What are the Churchill Mortgage rates?
Churchill Mortgage does not list its rates online. To see what you could pay with this lender, you will need to apply for a mortgage or speak to a loan officer.