Conventional Mortgage

[thephpguy]

My credit score via from Equifax is 719. My credit history it only 9 months old. My 3 revolving accounts add up to a total of $2250 of credit. Which I owe nothing on.

I earn 70k a year at my full-time job which I have had for 2 months. (Previously I was a contractor and earned 80k/yr.)

I have no current debt. (Of bills I have about 150/mo + 590 rent.)

The home I am looking to purchase would be my primary place of residence. It's a hobby farm.

I'm 26 and looking at getting a mortgage of 90k for purchasing a home.

Knowing that information what are my chances of being approved for the mortgage?

Any suggestions?

Thanks,

-Tim

[ShanetheMortgageMan]

There are some lenders who will just require a certain credit score and wouldn't require you to have any minimum amount of trade lines or length of credit history.  However those aren't the norm.  Typically lenders are looking for at least 12 months of credit and 3 trade lines.  If you are putting less than 20% down, then you are going to need to get PMI or a 2nd mortgage, and both PMI & 2nd mortgages will normally require 12-24 months of credit.

FHA financing goes a little easier on the credit history though, and while 12 months is still preferred, there are more lenders offering FHA loans who are comfortable with less than 12 months history than there are conventional lenders.

[DallasLoanGuy]

adding to what shane said.

the short credit history isnt a deal killer. if the lender can accept 'alternate credit' to beef up the file, then you will be fine.

alt credit = verify(get credit letters) rent, utilities, ect for 12 - 24 months.