Moderator Emeritus
webhopper
Posts: 7,225
Registered: ‎09-16-2011
Re: anyone get a mortgage with less then a year of credit history?

creditnocash wrote:

webhopper wrote:
Most lenders look for at least 12 months of history.

I think the mortgage should wait until people are older... like you mentioned; its a huge responsibility and something you cant walk away from like when an apartment lease is up...

the person that im talking about is older. hes in his 40's but hes never had credit until recently. i talked directly with the loan officer/uw. 

as for my friend's brother yeah i agree hence why im not getting a mortgage right now. want to wait at least 6+ years. 

 

my point was just that with people new to credit generating 700 scores shouldnt be that hard to get a mortgage... 


 

There are lenders out there who can use non traditional forms of credit such as utility bills, rent payments, cell phone bills... etc to supplement a credit history that spans less than 12 months. The key is to interview lenders ahead of time to see who can underwrite a non traditional form of loan. It can be done! People who have been responsibly paying their bills with cash and a checking account shouldn't be shut out of the home loan market... and they aren't!

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