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Can I buy a home with only 2 years credit history?

I am 20 years old and want to buy a house. I only have 2 years credit history with a target card and visa that have no lates on them and a cell phone bill. I have 80K to put down on a house that's 140K. Can I buy it? I have been employed since 16. by maxrew_310_665 from Blue Eye, Missouri. Jul 10th 2012 Reply


Cody Bellah (cody@communitymortgagekc.com)
#16 ranked lender in Missouri - 71 contributions

I can do it, and I am a broker here in Missouri also. Please feel free to call me @ 816-256-0013

Jul 10th 2012
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,823 contributions

In all likelihood, approval should be easy. Work with a local Mortgage Banker/Broker, rather than one of the big banks or big national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. We have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, we are trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

Jul 10th 2012
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Todd Tholl (toddtholl@leader1.com)
#4 ranked lender in Iowa - 239 contributions

As long as your debt ratio is OK (< 41% for Conventional loan or < 57% for FHA loan) you should have no issues qualifying.

Jul 10th 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,722 contributions

Sounds like your the ideal first time home buyer..I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Jul 10th 2012
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#78 ranked lender in Florida - 2,240 contributions

It sounds like you should be able to buy the home. Your debt to income ratio needs to be checked. Call a mortgage broker not a big bank that does MO and let them see if you qualify. All the best!!

Jul 10th 2012
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Chris Mylin (chrism_408_673)
#59 ranked lender in Ohio - 32 contributions

You shouldn't have any problems with getting approved.

Jul 10th 2012
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Ralph Richard Guertin (ralph@absolutelowrates.com)
#1 ranked lender in Florida - 796 contributions

Sounds doable seek out a local mortgage broker in MO and go from there

Jul 10th 2012
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