Good score but no Open credit so no loans. . .

Asked by Nicole, Harrisburg, PA Thu Feb 14, 2013

Have a score of 807/794 but no open credit. Want to qualify for a loan but being told need open credit for at least 12 months. Any way around this? Need to purchase or even rent to buy by aug or sept.

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Jerry Kensin…, , Harrisburg, PA
Thu Feb 14, 2013
I have worked with several borrowers over the year that have no open/active tradelines with and without credit scores. Your mortgage is evaluated on several factors (income/assets/credit,etc). I am located in Harrisburg PA I would be happy to meet with you to answer any questions you may have.

I would suggest that you speak with a loan professional now so that your application can be reviewed for which type of loan you may qualify for. There are too many variables from one person to another to firmly commit an answer but we do help people in your situation all the time.

Feel free to call me at 717-525-8460 with any questions or if you would like to set an appointment to discuss you options.

Thank you,
Jerry Kensinger
NMLS #186925
1 vote
, ,
Thu Feb 14, 2013
You've got noting to worry about if you go for an FHA loan. Many lenders will allow for having no open tradelines of credit, but some won't. You need to ask the question:

1.) Are you a mortgage banker or broker?
2.) If you are a mortgage banker (direct lender) can you underwrite FHA files manually?
3.) If you are a mortgage broker, do you know for sure that your lender allows for manual underwriting for FHA?

My company is a direct lender and we have investors (banks we sell our loan to after closing) that don't have any overlays and other investor who will NOT accept files like yours. It's the job of the Loan Officer to know the answers to these questions in advance. NOT in the 11th hour. Don't be afraid to interview several lenders.

Best of Luck!
0 votes
David Obenst…, Agent, Mechanicsburg, PA
Thu Feb 14, 2013
Possible. Do you have a cell phone, utility bill, car insurance, rent etc? Email me to discuss further. I forwarded this to a lender I work with.
0 votes
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