Asked by Tanya, Los Angeles, CA • Tue Oct 13, 2009
Both my husband and I have high FICOs (above 760), great DTIs, low debt, long credit history, high incomes, but only qualify for a FHA loan! The reason was 'insufficient' credit history in the past 12 months â€“ apparently, guidelines have changed, and now both of us need to have at least 3 revolving credits each (6 per household!), but I have only 2!
I have sold my condo last year, and closed the mortgage I had for 8 years, but according to the lender since that is closed, it does not count. I need 12 months of at least 3 â€˜trade linesâ€™. I have one credit card and one car loan, and I really donâ€™t need more. According to the lender, I should open one more account in my name and wait a year. That is absurd!
Is this really the new requirement? Do we have other options?
We are trying to buy a house for $560,000 with 20% down. I was told with FHA, I will still have to pay PMI regardless of how much I put down. I am bewildered!
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