Here's my deal: 621 middle score...but I have a 151 IQ, if you believe it! no rent lates $49,500 salary 5 years on job but I have only 3 trade lines open on Equifax & Experian, best score on TU that has an old Bank One car loan. WILL I GET A MORTGAGE? I have heard you need 5 open trade lines with my score. I come from a family with yummy-yummy HORRIBLE credit, so I am afraid to get cards, it's like alchoholism! Please, advice from all you smart people! I am IGNORANT when it comes to credit, but learning....
You could go for FHA like I did. You don't need lots of credit or a high score. My friend had no credit cards at all and got one. They used her rent history, utility bill history and got a letter from her daughter's violin teacher that she always paid on time. I think it's the best way to go for limited credit history or old bad credit. Kim
I agree--FHA is probably the way to go. Their qualifications are not as stringent. BUT--go to a mortgage broker who does all kinds of loans. There may be some other programs out there, especially since you are a first time home buyer. And IQ doesn't equate to any of this!
