03-14-2014 10:12 PM - edited 03-14-2014 10:15 PM
Hello my wife and I recently applied for a home mortgage with a USDA lender. We are in the process of underwriting right now. I only have a revolving credit card for a tradeline. I have a student loan but that is in deferement, and all our utilities are in my wifes name.
Question is can the student loan in deferment be considered a tradeline, it was never late before i put it in deferment last year around May.
Also we pay our sewer but it is through our landlord. Can I get a landlord statement for rental history as an alternative credit, and another statement for the water/sewer.
Has anyone ever been in this situation, know if these will qualify, and is there anyone out there that would approve this. BTW my middle score is 655, and I make 50,000 a year. So I am good as far as those are concerned, just concerned about tradelines. Thanks for any help.
03-15-2014 08:24 PM
I got my home loan through a USDA lender. While I did have enough trade lines I wasnt sure if I did at the time so my loan officer went over everything with me prior to pulling my credit, just in case it was needed. I do recall my LO telling me that if I didn't, they could use alternative lines of credit. Rent is one example. He explained that I would need 24 months of cancelled checks. They wont accept a statement because he said those were to easily concocted by crafty people. He explained various avenuse of alternative credit. Even a cell phone can count as long as you've had it for twenty four months and can show cancelled checks or bank debits for it...but he insisted on rent it had to be cancelled checks. Utilities will work as well.
Good luck. I hope this is helpful. Your loan officer or broker should be able to explain these things to you before pulling your credit so you will know what to expect.
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