Can I get a conventional loan with short credit history?

Asked by Katie BP, San Jose, CA Sat Feb 23, 2013


Joint application - I have 10 years credit history 780 , my husband has short credit history. Neither of us have been late on any payments.

He has three CC's and one installment loan. By the time we are ready to purchase one tradeline will be about 22 months old, and the other 3 will be around 15 months old.

We have solid rental and employment history, along with 15% down.

Should we wait for all tradelines to be 24 months old?

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Terri Vellios’ answer
Terri Vellios, Agent, Campbell, CA
Sun Feb 24, 2013 I recommend you contact Dave Setti as another source for lending. He can run difference scenarios on your credit and make suggestions on how to better position you for today's market.

The risk to waiting before talking with a lender is that our real estate prices are increasing. The sooner you know your buying power the better.

Have an amazing day!
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1 vote
lendersnetwo…, Agent, Plano, TX
Tue Oct 22, 2013
Yes there are some lenders that offer conventional loans with just a 620 credit score and 3% down. Visit our site we can refer you to a lender that has the right type of loan program for you..
1 vote
Juliana Lee…, Agent, Palo Alto, CA
Sun Feb 24, 2013
It is great that you are seeking information about your mortgage options early. Talk with several different lenders. Each has different requirements and will also give you advice about how to handle your money before applying for a loan. An example: Moving money just before applying for a loan can slow down the process.

The information you've posted sounds very good for qualifying for a mortgage. Again, talk with several lenders to be sure you are on track to get quick results when you need them.

Basic real estate mortgage information at

Juliana Lee
Cell 650-857-1000
Top 2 agent nationwide at Keller Williams Realty

Over 30 years experience
Over 1,000 home sales completed in Santa Clara and San Mateo Counties
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1 vote
, ,
Sun Feb 24, 2013
Katie, while you don't have a super long credit history, your combined credit history will be fine. Some lenders require a 2-year credit history, but a majority of them are fine with 3 trade lines that are 12 months old, and even some are OK with shorter histories than that.

If you are using FHA financing, then even using non-traditional trade lines (such as rent, utilities, etc.) can be used to meet requirements.

However with your excellent credit scores and down payment amount I'd recommend you look into conventional financing. Either 1 loan at 85% loan-to-value or an 80% 1st mortgage + a 5% 2nd mortgage - called an 80/5/15 (80% 1st/5% 2nd/15% down) program. There are even 80/10/10 programs available too. Another good option would be VA financing if either you or your husband are eligible veterans.

Shane Milne | Lending in all 50 states | NMLS #81195
shane@thebesthomeloans | 949-273-4161 direct
1 vote
, ,
Sun Feb 24, 2013
I am on the finance side of the process. You can definately get a loan with that scenario. We can use alternative credit if needed. Please contact me to discuss it firther if you want more info.
With the good credit history you have, along with employment history and how much you are putting down is a plus.
Just an example, i have a program where I am able to fund loans for clients with no credit score and no credit tradelines.

you can view my site and look around and some of your questions can be answered there
1 vote
charles butt…, Agent, san jose, CA
Sun Feb 24, 2013
Thank you for your question Katie:

You have some very strong points such as your high 780 credit score and your 10 year employment history.

I recommend that you talk with Doug Jones, the owner of Mortgage Magic.

Mr. Jones is one of the best lenders available.

Mr. Jones has been a lender for over 40 years and has a great deal of experience with this issue.

You may reach Mr. Jones at his cell phone: (408) 209-6773.

I also recommend that you go to Mr. Jones website at

Thank you,
Charles Butterfield MBA
Real Estate Broker/REALTOR
American Realty
Cell Phone: (408)509-6218
Fax: (408)269-3597
Email Address:
1 vote
, ,
Thu Oct 31, 2013
Hi Katie, I am from the lending side.
This is something we might be able to do as a Direct Lender and we service 50% of our loans so we can make various exceptions.
Just contact me to go over or you can fill out an app online at and I will work on getting you pre-approved.
Look forward to hearing from you.
We have loan programs where we do loans with no credit score and use alternative trade lines.

Michael R DIaz 380048
0 votes
jeff12345, Home Buyer, 90210
Thu Oct 31, 2013
Randy Roberts stop spamming Trulia. The Lendersnetwork is a scam buyers beware. They hire people to creat fake profiles and spam Truila.

Look at Randy Roberts profile he has 100s of spam comments left on blogs. This company uses companies overseas to create fake profiles to leave comments all over the internet to promote their company. They are a mortgage lead company that wants to sale your information to mortgage lenders and brokers.
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