Super Contributor
Posts: 8,388
Registered: ‎09-28-2007
Re: Evaluating Conventional vs. FHA (VA & USDA)


drtjohns wrote:

is it possible to qualify for fha without any active credit tradlines?

have an old collection that's showing in the year 2003 on a car that was repo and sold for market value.

neve went into debt after this. everything we bought was saved and paid in cash.

currently my score is 620  and spouse is 640. my income 1300 / hers 2100

thanks any advice will help..


If there is only negative trade lines on the credit report, without any positive trade lines, then typically lenders will not allow non-traditional credit such as the utilities, rent, cell phone, etc. to count towards the trade line requirements.  In a situation like that underwriters want to see positive traditional trade line history after the negatives.