That is not always the case. Your first step would be to contact a reputable local lender and find out where his credit is right now. If there are any issues, like a lack of a credit score or very little active credit lines, you have time to make any adjustments you need to now so that you are ready when the time comes.
There are mortgage programs that allow for non-traditional lines of credit which would include the rent you pay, your cell phone bill and perhaps even your car insurance or utilities. Those mortgage approvals have to be manually underwritten so that can delay the process that's why I always recommend, if you know you are in this category of buyer, start now to make a plan of action,
Please remember, the lowest price or fees does not necessarily make the best lender and the one who advertises on the most radio stations isn't always the one you want to call either. Do some research and speak with a local realtor. They can tell you from past experience which lenders they have SUCCESSFULLY closed transactions with and that's where your focus should be placed.... more