Low Credit History Home Loan

[jp2010]

     I am thinking of trying to get a home loan for 50 to 80k, my only problem is I only have 11 months of credit history.  Would it even be possible for me to get a loan I know a lot of places require two years of credit history. I don't have anything negative on my reports and I have been trying to build my credit.  Last year I got two credit cards that I keep under a 30% balance and a car loan I had to have a co signer for I pay over the minimum each month. I've worked for the same company for the last six years and usually make between 60 to 80k a year so payments shouldn't be a problem considering my rent is more than the loan payment would be. Is there any certain loan or bank I should try to go to or am I just screwed till next year? Any advice would be greatly appreciated. Thank You

[jp2010]

     My experian score is 630 and trans union 645

[MzKoli]

I think its 12 months credit history, 2 yrs for employment. So you are almost there. Your income is not an issue for that loan amount. But were did you get your scores? You need your FICO scores to know where you truly stand. The EQ here is the same as lenders, the TU is an older version than lenders use (TU98 vs TU04 most lenders use) and a lender pull is the only way to get your EX. If your FICO mid score is 640+ your okay to start asking around IMO. Also, do you have a dp? Are you planning on conv, fha, usda, va loan? If conventional you'll need higher scores and/or more money down...

[jp2010]

     I got the credit score from myFICO and right now I have a down payment of ten thousand and still saving, I'm trying to put a down payment of 20%. I was thinking of trying to get a FHA loan but I'm not quite sure which type of loan I should get. Are there any banks you would recomend to try to get a loan through with my credit history and score?