Home Buying in Idaho Falls>Question Details

Trinity, Other/Just Looking in Idaho Falls, ID

What are lenders looking for in credit history?

Asked by Trinity, Idaho Falls, ID Tue May 8, 2012

How long do you need to have a credit history usually before you can buy a house? Is there a way to get a loan before you've had it for 2 years? What are lenders looking for exactly for scores and other factors?

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Shop around when looking for a large loan of any kind. Each lender takes different factors into account in creating "credit scores". Contrary to what many in the real estate business have been lead to believe, there is no real standard (FICO etc are just guides) and every major lender uses their own scoring system. It is usually profitability to the first holder of the note that is being evaluated and not long term "worthiness". A history of conduct such as early payoffs, and avoiding interest and fees can lower the actual scores just as quickly as missing payments. DO NOT assume that a loan is affordable simply because a bank or broker is willing to make you the loan. Do your own math.
0 votes Thank Flag Link Sat Mar 22, 2014
Some lenders are willing to take a look at your payment history for cell phones, utilities, rent, car payments, etc. to help determin your credit worthiness. A score of 650 will usually get you a lender. If I can be of further help - please feel free to call me.
0 votes Thank Flag Link Fri Aug 10, 2012
Hopkins Financial is a private money lender in Idaho that can help individuals with credit that might not be as strong as banks require. Check out http://www.hopkinsfinancial.com or give me a call for more information.
0 votes Thank Flag Link Thu May 17, 2012
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