Home Buying in 33411>Question Details

swimmer0906, Home Buyer in 33411

Do you need to have a long amount of credit history to get approved for the FHA loan?

Asked by swimmer0906, 33411 Mon Jul 9, 2012

My boyfriend and I are looking to buy a house soon, we have enough money to put down and now we are working to get our credit up. I have only had a credit card for 6 months, but made all payments on time- will my credit history effect me getting approved for a FHA loan?

Help the community by answering this question:

Answers

6
FHA is very easy going with credit depth. The credit score itself is the biggest thing. If you have a 640 or better score you should be ok. You will need 3 tradelines of credit however if you don't you can use things that do not show on credit such as proof of paying a cell phone bill, insurance and etc.
0 votes Thank Flag Link Mon Dec 24, 2012
Shop around for a mortgage broker they have access to many banks, private lenders and different programs. Only after they review all your financial status, can advice you.

Best of Luck,

Maria Cipollone

Century 21 Tenace

http://www.Flahomespecialist.com
0 votes Thank Flag Link Sun Dec 23, 2012
Hello,

may I recommend contacting a lender who could then guide you in the right direction. As George has already explained in his answer, there are non-traditional trade lines that could be added to your credit, if necessary.

Please feel free to contact me at your earliest convenience, if I may be of any service to you.

Best Regards,
Beate Rodriguez
Lic. Loan Originator
NMLS# 299244

Beate.Rodriguez@HGFLoans.com
Cell: 954.695.4849
0 votes Thank Flag Link Tue Jul 10, 2012
Every lender is different and there are as many answers as days in the year. For my company we do not require any minimum open tradelines nor any minimum amount of time. At 6 months, your credit history is limited but you should already have a score. If you do, hopefully all three and they come in at least 620+. My recommendation would be to have at least another 6 months under your belt so you will have more credit history under your belt and more lenders will consider taking a risk on you. We lenders can also bolster your file by adding Non-Traditional or Alternative Credit to your file i.e. letters of credit from utility companies, insurance companies, cell phone etc. These accounts although they don't show on a typical credit report , they can be requested by a simple phone call and can be given the same weight as a revolving credit account. Hope this helps. Best of Luck!
0 votes Thank Flag Link Tue Jul 10, 2012
The minimum is 3 accounts with a history of one year. One must be an account that is reported to a credit bureau through normal channels, the other two can be what is called alternate credit, phone bill, insurance, etc.

But you still need to hit the minimum credit score threshold which probably will require two or three accounts reporting to credit bureaus. And keep the balances very low on the credit cards, below 25% of the limit, if you have a $400 limit never owe more than $100 including accrued interest. Good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Tue Jul 10, 2012
Great questions. Without a plan or a map any road will take you there!
I work with a number of outstanding mortgage professionals I would highly suggest contacting one of them in determining what you would qualify for in terms of repair and home!

Brian Murphy
561-598-6300
Murphy's Brightway insurance
Homequote@murphysbrightway.com
0 votes Thank Flag Link Tue Jul 10, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer