user9371562's Advice

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user9371562 wrote:

Question about alternative credit profile for mortgage

Answer
Well, the bank did say no until the loan is a year old. I asked about Netflix and that was a no too, but I figured it would be. He's very fortunate because he has absolutely no debt and no bills except for rent, phone, and car insurance. I think we are going to have to just wait until March and start looking for a house then.
October 23 2012
(0)

Question about alternative credit profile for mortgage

Answer
I don't think I was clear enough. I have a great credit score. We are pre-qualified for a great interest rate once we have those three credit references for my husband. I'm not asking how to build credit. I'm asking whether we could use the car account for his 3rd credit reference if we paid enough to push the due date past March, which is when the account would be a year old. Thanks Eric but I have contacted the Mortgage representative at our bank. I'm just waiting to hear back from him.
October 23 2012
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Question about alternative credit profile for mortgage
My husband and I were pre-qualified for a mortgage this year through the first time home buyer program. We already have about 15% saved up if we were to buy a house at the top of our price range that we want to spend. Our problem is that my husband's credit is all relatively new. We were told we could get the mortgage if we could provide 3 alternative credit references that have been in good standing for at least a year. We have our apartment and car insurance. Unfortunately we don't have any utilities (everything included) and until recently he was on his parent's phone plan. Also, he bought his vehicle with cash and did not have any student loans from college. (I never thought I would be grateful for college debt!) He has Netflix, but I seriously doubt that would count. We do have a car financed together through Toyota but the loan was just taken out in March. Here is my question. We have been paying $60 extra a month on the car loan. We have the payment already pushed back to being due the end of December. If we were to pay enough on it so that the payment was not due until after the loan had been a year old, would they consider giving us the mortgage? This would not come out of our down payment money. Thanks!
October 23 2012
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