Ok first here's a little info: I have been a SAHM for 15 years, I just started working part time this month. I would like to go full time eventually just don't know when this will happen. I'll only be pulling in about 10,000/yr part time. I have pretty much a blank slate as far as credit goes, 1 closed car loan paid as agreed 6yr 9mo ago and one paid charge off for $243. I don't know my credit scores because I don't have enough info to generate one. I have applied for a couple of secured CC to help in that dept. My husband has been self employed 30+ yrs and makes around $17,000/yr but has HORRIBLE credit that he doesn't plan on fixing ever I think. His scores are around 450. I would like to buy a house in the future,even just a manufactured home maybe, we have land. Probably in my name only, this will be my first house purchase so I'm clueless as to the requirements. Can someone give me some idea as to what direction I should move in? Any advice is appreciated
Well if there is any way you can document a prior 2 year employment history before you were a SAHM, then after 6 months working full time at the same job you should be able to use it's income to qualify. Part time employment requires 2 years at the same employer, and if you can't document the 2 year employment history prior to being a SAHM then you will likely need 2 years full time before you can use it's income to qualify (potentially it could be less, but it's reviewed on a case by case basis). It takes 6 months of having credit to generate a score, but you may need 12 months as that is a common requirement by lenders. Non-traditional credit (such as utilities & rent) can also qualify if you have 3 of them that are 12 months old with no late payments.