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How much credit history do lenders recommend having before applying for a mortgage?

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October 25 2012 - Burley
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The best way to find out what is needed, is to talk to a few mortgage brokers or credit unions, who will created a financial profile, specifically for you and provide you with advice as to what you will need to do to improve your credit , if necessary.
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October 25 2012
That all depends on your situation...I know of a lender out in California that requires as little as 3 past accounts with only 1 active and a Fico score of only 620 to fund, but requires a 10% down.  That same company will accept 5% down if you have 2 established credit lines with same minimum fico (owner occupant of course).

Just go to your local credit union, or bank, and speak with a loan officer.  If they can't help you, they usually might know of somebody that might.

Best wishes from So-Cal and good luck
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October 25 2012
 
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How much credit history do lenders recommend having before applying for a mortgage?
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October 25 2012 | 2 answers
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