Posted on: 26th Nov, 2012 11:01 pm
I knew I would not qualify for a loan right now but we found a development we loved and want to build in so I wanted to see what it would take to get my credit in order and the loan officer for the builder said they would not even look at it until I had 2 years of on time car payments. They told me to try developer’s mortgage because that is a lender they work with when people have less than perfect credit. What is the usual length of time you need perfect credit for to qualify for a mortgage?
Hi Vander!
Welcome to forums!
I haven't heard of any length of time for which you need to have perfect credit to qualify for a mortgage. If you have perfect credit, you will be able to qualify for the loan. However, yes, it is true that you need to have 2 years of stable employment history when you apply for a loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I haven't heard of any length of time for which you need to have perfect credit to qualify for a mortgage. If you have perfect credit, you will be able to qualify for the loan. However, yes, it is true that you need to have 2 years of stable employment history when you apply for a loan.
Feel free to ask if you've further queries.
Sussane
Hi Vander,
I agree with what Sussane has said. If you have a good credit situation, you will be able to qualify for a loan. If you don't have a good credit, things will be difficult for you. None of the lenders will be ready to give you a loan.
Thanks
I agree with what Sussane has said. If you have a good credit situation, you will be able to qualify for a loan. If you don't have a good credit, things will be difficult for you. None of the lenders will be ready to give you a loan.
Thanks
Vander, What do consider bad credit? Is it less than a 620 middle score?
In fact there is no stipulated time period to improve your credit score. This time period varies from person to person. Credit improvement is a continuous process and you have to put in serious efforts for that.