Can we get a Mortgage

[Anonymous]

I am hoping to get your opinion on our options. Husband would be the one applying for the loan, he currently has no credit score. He has 1 Closed military star card that is reporting as open with a $0 balance on Experian, but not anywhere else. He is showing 1 medical collection from 2012 for about $100, we didnt even know about it until we tried getting his score. He recently for a prepaid Capital One Card, however it is still not reflecting on his report.

We are wanting to move into a home as soon as possible. We were considering an FHA loan and interested in the 203k FHA loans. Do you think we can get a home loan?

1. Mortgage Credit Scores:  

• Not enough credit on file to get a score from MyFICO

2. Credit Negatives:

• 1- Medical Collection from 2012 for $100
  

3. Gross Income:

• $43,000, not including quaterly bonuses
  

4. Source of income:

• Full Time Employment

5. Monthly debt payments. 

• The only monthly debt is our rent which is currently $899.
  

6. Employment (for those who are employed). 

• Type of employment: Full Time
  
• How long 4 Years

7. Assets/Reserves

• Savings $6000- for Down Payment
  
• Stocks- $7000+
  

8. Location:

• Indiana
• Hamilton County
  
• 46032

9. Property Description: 

• Single Family Home
  
• We are looking at bank owned homes to get a better deal. The conditions vary by house.
  

10. Property Value. 

• We are looking to purchase around $175,000, but would like to get under $150,000

11. Occupancy. 

• It would be our primary residence, we are a family of 5.

[Anonymous]

I am hoping to get your opinion on our options. Husband would be the one applying for the loan, he currently has no credit score. He has 1 Closed military star card that is reporting as open with a $0 balance on Experian, but not anywhere else. He is showing 1 medical collection from 2012 for about $100, we didnt even know about it until we tried getting his score. He recently for a prepaid Capital One Card, however it is still not reflecting on his report.

We are wanting to move into a home as soon as possible. We were considering an FHA loan and interested in the 203k FHA loans. Do you think we can get a home loan?

[Anonymous]

1. Mortgage Credit Scores:  

• Not enough credit on file to get a score from MyFICO

2. Credit Negatives:

• 1- Medical Collection from 2012 for $100
  

3. Gross Income:

• $43,000, not including quaterly bonuses
  

4. Source of income:

• Full Time Employment

5. Monthly debt payments. 

• The only monthly debt is our rent which is currently $899.
  

6. Employment (for those who are employed). 

• Type of employment: Full Time
  
• How long 4 Years

7. Assets/Reserves

• Savings $6000- for Down Payment
  
• Stocks- $7000+
  

8. Location:

• Indiana
• Hamilton County
  
• 46032

9. Property Description: 

• Single Family Home
  
• We are looking at bank owned homes to get a better deal. The conditions vary by house.
  

10. Property Value. 

• We are looking to purchase around $175,000, but would like to get under $150,000

11. Occupancy. 

[Anonymous]

• It would be our primary residence, we are a family of 5.

[Anonymous]

Your debt/income looks to be OK for the price of the home, but with such a thin/non-existent file, things can get a little more difficult but not impossible. I would suggest having 3 open tradelines for at least 12 months but you can also qualify with non-traditional credit. Here is a link for examples: http://ficoforums.myfico.com/t5/Mortgage-Loans/No-scores-No-problem-Use-non-traditional-credit/td-p/.... Since you are trying to move sooner than later, waiting 12 months doesn't seem to be an option. At the end of the day, you are best off communicating with a loan officer in your area to get exact details on what you would need to qualify, but I would assume if your non-traditional credit checks out, you should be ok.