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Minimum length of credit history for a mortgage loan?

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A_Noob
Contributor

Minimum length of credit history for a mortgage loan?

Hello, I'm not to myFICO and new to credit in general. I've always saved up and purchased everything in cash for my entire life and now I found out the hard way that it is impossible to get a mortgage without an established credit history. In august, my credit score was non existent. Now they're all floating around 670-680. I have 1 secured card and I just recently got approved for an unsecured card through a credit union. My credit history is only about 7 months long but my payment history is flawless. I have a car loan but it was recently refinanced because when I was just starting out, the only loan I was approved for was at 29% APR. I've since refinanced and got that down to 5.25%. What are my chances of getting approved for a home loan in about a year if I have a decent amount to put down and maintain a perfect payment history?

My Fico EQ: 749
My Fico TU: 754
My Fico EX: 753

Goal: 800
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ShanetheMortgageMan
Super Contributor

Re: Minimum length of credit history for a mortgage loan?

Welcome to the myFICO community.

 

If you have a credit score, then with a good percentage of lenders you'd have sufficient credit history.  There are still quite a few lenders out there that will be looking for 12 months credit history, but if you have 7 months already and are talking about buying in about another year from now then you would have more than 12 months... so you shouldn't have any major problems.

Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
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