Hi
I am sure this question might be very difficult for a lot of experts out here, because the question is very rare i guess. i have been here in US for only 1 year now. my credit hstory is only 9 months old with only one credit line.
I have reasonable salary to pay monthly mortgage payments. I will like to know what is the probability of my mortgage application approval ?
Thanks
You may be able to get an FHA loan by having alternative trade lines added to your credit.
Nope, you need to have more of a credit history, to qualify. You can try to help it along, with producing utility bills and the such.
References :
To get a loan without going to a non conforming lender, you will need 3 open trade lines with at least a 6 month history but many lenders want 12 months. If you have credit scores you may be able to provide alternative credit & if they have satisfactory payment histories, that may work. You have what is called a thin credit file. You will need rental history & some utility or insurance credit references.
If you have no credit scores you will not be able to get a conforming loan. I know of no one who is doing loans with no credit scores.
References :
You may be able to get an FHA loan by having alternative trade lines added to your credit.
References :
I’m a mortgage banker/broker