Valued Contributor
creditnocash
Posts: 2,255
Registered: ‎07-23-2012
anyone get a mortgage with less then a year of credit history?

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. 

 

so anyone? 

my guess would be if people are getting 720's in about 8 months why not a mortgage... 

thoughts, ideas? 

 

 

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. 

Current: Discover Fico 701 10/14 Walmart Fico 689 9/14

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