Re: Evaluating Convention
al vs. FHA (VA & USDA)
08-04-2010 04:22 PM
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.
*Helping people with mortgages all over the U.S. since 2002*