Posted on: 19th May, 2011 11:25 am
Are there any lenders who can close an FHA loan based just on scores? 660 score and very short credit history
Sofia, are you trying to qualify without using income or assets? There's no such program, if you're trying to do that.
No, I am trying to qualify without 12 months payment history. I have income, down payment and reserves. I was told that if I get and approval through an automated system, # and age of trade lines do not matter. I don't know if that is true. I read that an underwriters can still request additional documents even if apprication was automatically approved. Thank you
Hi sofiarus,
You should have 2 years of employment history in order to qualify for any kind of loan - FHA, conventional or USDA. Unless you meet this requirement, I don't think lenders will be ready to offer you a loan.
Thanks
You should have 2 years of employment history in order to qualify for any kind of loan - FHA, conventional or USDA. Unless you meet this requirement, I don't think lenders will be ready to offer you a loan.
Thanks
Hi sofia, You cannot meet the requirement without using the assets.