It takes as long as you can gather up the documenation for the alternative/non-traditional trade lines. Here's some info:
When an applicant lacks a traditional established credit history, then an alternative credit history must be provided using non-credit payment references. This non-traditional credit must cover a 12 month period and should adequately demonstrate the applicant's ability to successfully manage regularly scheduled financial obligations. Forms of non-credit payment references must document timely payment of
o Rental History
o Appliance rental or purchase
o Cable television bills
o Daycare expense
o Dealer financed auto loan
o Electricity bills
o Furniture rental or purchase
o Gas company bills
o Insurance premiums
o Jewelry purchases (store financing)
o Long term layaways
o Medical bills paid per payment agreement directly to the provider
o Owner financing on purchased goods
o Rental of current or previous residence
o Rent-to-own agreements
o Store financing
o Telephone Bills
o Personal Property Tax bills
In developing non-traditional credit, only those types of credit that require the mortgage applicant to make periodic payments on a regular basis should be considered (the payment schedule must call for payments at intervals that are no longer than every three months).
In order for the underwriter to consider verified non-credit payment references, the documentation must provide the following information:
o To whom the payments were made;
o The nature of the obligation (utilities, payment for purchases, insurance, etc.);
o When the account was opened
o The amount of the payment required or made;
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