Well Im sorry to hear that, but on the positive side, it gives you time to work on getting your score even higher, and you know what you need and you can be totally prepared when the 12 month mark hits as well as have more savings.
I would try a broker... I have one credit card, and at the time of my application, it had been open 6 months. My credit history averages at 6 yrs 7 months though, but I have no other trade lines. I am going through underwriting now and not once has my LO questioned only having one line of credit. Quickens had an issue with it though. They wanted me to wait 3 months. I'm going FHA.
good news I guess. I have a friend that is a loan officer at an old bank. He knows my whole situation, credit profile, work history, etc.
He said the tradelines wouldnt stop me with him, because they are all in good standing and 2 are 7 years old. He doesnt do USDA though
so id have to go FHA, which means saving more money than anticipated and will probably be january before we have our down payment, closing costs, and cushion saved up.
Im going to try a broker I spoke with before, because he wanted my scores around 660, but i told him what credit i had, that i just moved and started work, and my credit building progress. He said I should be good to go, I just told him I wanted to wait to save more money and get my score as high as possible before applying. Ill check back with him and make sure he doesnt need 3 TLs that are a year old.
still crossing fingers lol
@rckstrscott wrote:
@FairCredBen wrote:If it was me, i would honestly wait.....
Your scores will benefit you a lot more and make the process a LOT easier...
Save money as well....
Think of your scores if everything aged another 6 months... use the fico scoring calculator thinger....
Good things come to those who wait....
Agreed. I thought I was ready in July last year, talked to Shane from the board, and he was like 'ehhh maybe wait a little while'
started again this spring, and it was smooth sailing. Met all score requirments by plenty, had the money, a gift funds had aged, and had a fast and smooth close.
-scott
The FICO calculator says 3 months Im safe, 6 months says I should be golden, but I was wanting to "shop" short sales in september, thinking it would be at least 6 months (from today) before I closed on a house, as long as my scores are there, but now I cant even shop for 6 months making it 9 months to a year before I'll close. From what I can tell, your scores either make it or they dont, no added benefit financially for someone with a 690 compared to 620. So as long as my scores are around 649-699 in three months (per myfico calculator). I would like to get the pre-approval letter so that I can get a realtor and start shopping houses, knowing the whole time im waiting for the banks approval and finding a house, my score is steadily going up, but Im not delaying the process.
I try to look at things objectively and dont want to rush into home ownership, but as long as my score is where it says it will be in three months, broker accepts USDA w/o tradelines like others have done on here, and I am financially prepared i.e. savings, low DTI, no CC debt, etc. I would feel confident applying and getting pre-approval letter that will give me the ability to look and put offers on short sale properties.
So honest opinion, as long as the above criteria are accurate 3 months from now, would you feel confident in doing it if you could find someone willing to work with your tradeline issue? Or am I not being objective, and still need to wait? and for what reasons (benefits) should I wait if the above is accurate?
Thanks guys! Im really enjoying everyones feedback, and am glad to hear that people work with the tradeline issue. Maybe because it was a lender she couldnt work around it, but Im hoping a broker might be able to? If not I'll start again in 6 months lol 