Posted on: 15th Apr, 2011 12:15 pm
"Unable to provide alternative credit lines" this was reason for a denial at Bank of America. I was trying to buy a condo for $40K. My credit score is 640, I have no credit cards, no rent history or utility bills because I live with my boyfriend. Even phone and car insurance is on his name. I've been working All I have is a student loan which is in deferral until 2017, and I had 1 bill in collections 6 years ago, paid off. I have been working in the same place for three years, W2 amount around $18K. Do I have any chances to buy a house now?
Hi Guest,
Welcome to Mortgage fit,
You can surely search for another lender....Apart from this I will ask you to ask your boyfriend to be a co-signer on the mortgage and thus it becomes very simple for the person to avail the mortgage loan.
If you wish to talk to any of our lender here you can visit this link and search for any lender in your area...
http://www.mortgagefit.com/lenders/dir/
Feel free to ask any further query if you have.......
DIPA
Welcome to Mortgage fit,
You can surely search for another lender....Apart from this I will ask you to ask your boyfriend to be a co-signer on the mortgage and thus it becomes very simple for the person to avail the mortgage loan.
If you wish to talk to any of our lender here you can visit this link and search for any lender in your area...
http://www.mortgagefit.com/lenders/dir/
Feel free to ask any further query if you have.......
DIPA
Guest, you need to establish some credit in order to fit the qualifications of the lenders. Your student loan does you no good at all in establishing credit, and the paid collection is good (at least it's paid), but not a true reference.
BofA (and others) want to see that you have a history of paying creditors on time; you simply don't have a history at all, and that's a real drawback.
Yes, you can try other lenders, but don't be surprised to find that you'll bump up against that same issue. I dont' know if Dipa's suggestion that your boyfriend cosign would work, but that might be the only way to go.
BofA (and others) want to see that you have a history of paying creditors on time; you simply don't have a history at all, and that's a real drawback.
Yes, you can try other lenders, but don't be surprised to find that you'll bump up against that same issue. I dont' know if Dipa's suggestion that your boyfriend cosign would work, but that might be the only way to go.
thank you for your responses. I opened a credit card account, and plan to open one more. I added my name to my boyfriend's lease and got a car insurance on my name. I would like to re-apply for a mortgage in 6 months. Do you think it wil be enough of history or do I have to wait longer? Thank youl
I also spoke to a lender who said he does not need any credit history or alternative credit lines as long as I have a score of at least 640. I don't know if i can trust him...I am really afraid to get a denial letter again.
Vanessa
Vanessa
Hi Guest,
You may have to wait longer in order to get qualified for a loan. Not only your credit score, but your credit history will also be taken into consideration when you apply for a loan.
You may have to wait longer in order to get qualified for a loan. Not only your credit score, but your credit history will also be taken into consideration when you apply for a loan.
Vanessa, it looks like good news from that lender, but your lack of trust in him isn't good. If you're going to work with someone, please be certain that you can rely on what he or she says, does, thinks, etc. If you lack confidence in someone, simply walk away. There's a lot to be said for working with someone who earns your trust - remember, I said "earn" as in becoming valuable to you. The guy who says "trust me" is probably the last person you want to entrust with anything.
If you have friends and/or family who've done business with a particular lender, ask them for information on who they'd feel good about recommending to you; recommendations from other trusted individuals will generally pan out.
If you have friends and/or family who've done business with a particular lender, ask them for information on who they'd feel good about recommending to you; recommendations from other trusted individuals will generally pan out.
Thank you