what will it take?

[rootpooty]

What are the requirements to be qualified for a mortgage? Its the only plan I have right now. I currently only have 8 months credit history and zero baddies. I'm 28 and have been living off of cash only since 18 so I'm trying to build credit. What I'm looking at are condos in central Florida that are selling pretty cheap for around 35000. Does that even qualify for a mortgage? They are really nice and well as some of you may know the property keeps plunging in some areas pretty quick in Florida. Suggestions? I've never posted in this area before

[Familywantsahouse]

1) Check you Fico score here and see what it is.

2) Talk to a broker. It's possible you could use "alternative trade lines" assuming you've alwaya paid rent, utlities, cell phone, etc one time

FHA usually requires 3 tradelines, be it credit card, student loans, car payments, etc.

[rootpooty]

Tu 686 eq 677 prob will be borderline 700 I let a larger balance report this month so I know next month I could be borderline 700. When you say 3 trade lines I have 3 CC reporting. Is that enough or do I need a personal loan and car loan. I plan to app around this time next year so ill be hanging around here trying to learn as much as possible on what to do until then

[boomhower]

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@rootpooty wrote:
Tu 686 eq 677 prob will be borderline 700 I let a larger balance report this month so I know next month I could be borderline 700. When you say 3 trade lines I have 3 CC reporting. Is that enough or do I need a personal loan and car loan. I plan to app around this time next year so ill be hanging around here trying to learn as much as possible on what to do until then

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Once the CC's hit 12 months you should be fine for TL history.  You need 3 tradelines with 12 months of history for the vast maority of lenders and mortgage programs.  $35k is going to be a bit harder to get a mortgage for, most don't like to go below $50k.