anyone get a mortgage with less then a year of credit history?
12-07-2012 06:29 PM
note* im not looking into getting a mortgage myself.
I had a customer today that put in a mortgage app with another colleague of mine.
hes had a cap one for a couple of months. (unsecured)
now my employer pulled his credit- or attempted too. since it takes 6 months to generate a score. he had about 15k saved for the house downpayment.
what I told him was to open a couple secured cards.
boa or cap one if he preferred with 5k each(returned after they graduated). so lenders would see he can handle high limit cards. and in a year that he would most likely qualify for the mortgage.
it was so sad to see him walk away disappointed but there's nothing I could really do atm. noone is going to give you 300k with the chance you'll pay it back.
my guess would be if people are getting 720's in about 8 months why not a mortgage...
p.s. a kid i went to school with his twin brother got a mortgage in august of this year. he is 2 months younger then me. so its possible.
i think id qualify for one with my current scores. but then again im young so i dont want that responsibility.
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