I have heard so many ranges of the number of tradelines a couple should/should not have when applying for a mortgage. Just curious what is considered too many?? And for anyone has has gotten a mortgage recently or has had one, at the time of your approval how many tradelines did you have??
RE: Mortgage experts or anyone 5 tradelines is the minimum requirement for conforming loans. Sub-prime loans vary by lender. I would suggest you have at least 4 plus your current rent or mortgage.
RE: Mortgage experts or anyone Thanks CF, least is my problem I feel we have too many. I plan to close some and cut us down to 7, but feel that may still be too high??
RE: Mortgage experts or anyone There is no max on # of trades as long as your total monthly pmts. aren't too high. Take your total monthly debt then divide by you gross income, this is your debt to income ratio. Conforming max is 36%, FHA is 41% and sub-prime is anywhere up to 60%. If your ratios are too high there are stated income programs. Get together with a good loan officer and pick their brain or e-mail me cforney@premierloans.com if you need some questions answered. CF
RE: Mortgage experts or anyone Desktop Underwriter takes in to account assets, credit(pay history more than # of trades), and Loan to value(debt ratios need to be 30% & 38% typically). I would say that score isn't as important as you might think although is it is a refection of your overall credit history. It varies much depending on your down payment. Almost anyone with reasonable creditand job time can be approved if they put 20% down. I would tell you this, if you are approved for a conforming loan from one lender you're approved with all of them. The point being to negotiate interest rate before you give them and application(more inquiries). Tell the competing lenders that you have been approved by desktop underwriter.
