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Need a loan for a client...

who has less than 12 months credit history. She has a substantial down payment, okay credit scores, but a divorce has left her with minimal credit history in her name. Anyone know of a loan that she could get in TX?
  • July 02 2012 - Spring
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Answers (6)

Hi Cindy,

In case you're still looking for a type of loan for your client, I can refer you to a local mortgage banker that can assist her.  I don't think we can post third party information on this site, but I will send you an email.
  • August 11 2012
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FHA can use alternate credit sources.  
  • July 06 2012
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Cindy,

Based on the question, FHA may be the best program for your client.  FHA allows "alternative" tradelines like rental history, electricity history, etc . . .

Also, FHA has more flexible guidelines for clients with lower scores than Conventional loans.

The best option for your client is to contact a lender that specializes in FHA financing.

You can contact me via my profile if you need more information regarding the FHA mortgage program.
  • July 02 2012
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I will forward your information to her. Thanks!!
  • July 02 2012
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I would be happy to look into this for her, it doesn't sound like she is going to have much of a problem as long as she has outside trade lines.
  • July 02 2012
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The thin credit file is not a deal killer. per se.
The lenders want a longer credit history, but FHA hasn't said anything about that in their guidelines. If the loan passes Automated Underwriting, then she will be fine. We would just sell the loan direct to FHA and bypass the lenders.
My company does this. We service those loans.

I would want some alternate trade lines to be safe.
Is the marital home currently being paid on time? She is on title so we can use that payment history.
Does she have any other bills in her name like cell phone, cable bill, ect?

  • July 02 2012
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