First Time Mortgage Question

[tpatterson2k9]

Hey all,

I am looking to get my first house starting next year and am wondering how much not having any installment credit will hurt my chances of getting the best possible rate. Credit scores are 780 across the board, no debt, six figure income, just only have credit cards and two paid off student loans for $17,000 total on my credit.

Will mortgage lenders solely look at my credit score and my DTI to qualify me or will not having installment credit hurt my chances of getting the best possible rate?

[dragontears]

Your score will be used to determine your rate, your dti will be used to determine the max you can borrow. I don't think mortgage care if you don't have an open installment loan (other than its effect on your score and at 780 you will get the best rates anyway)

[DallasLoanGuy]

i would not be concerned with lack of installment.

now. if you only have 3 credit cards with $500 limit and that is all.... that is different