08 Oct 09 Questions about buying a house? Do I need to build more credit?
Tags: Build Credit, buying a house, Buying House, car loans, Checking Account, Future Thanks, Job, Jobs, Mortgage, Parents, Rent, Store Credit Cards, Student Loans, Thanks In Advance
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Many lenders want to see a year on the job before they grant a loan. You sound like you are doing a lot right. And if you have that much saved for a down payment, you should be able to get a mortgage without much trouble.
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to be honest with 20% down anyone can get a mortage, but i would get a second credit card its actually better to have to with low balances
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You can start by not paying the credit card in full each month; carry a small balance ($25 or so) on the card to show activity. When you pay the card in full each month, it does not report as an active/open account. Another good way to build credit is to take out a small signature loan at your local bank or credit union and deposit the money into a savings account. Make the monthly loan payment from the savings account until it’s paid (stretch it out for 12 months minimum).
As long as you’re in the same line of work, beginning a job in a new area is not a problem. All that is required is 30 days worth of paycheck stubs, so if you get paid bi-weekly, you would need to be able to provide 2 pay stubs to qualify.
Since you are putting 15%-20% down, the length of time that you have had credit won’t be as much of a factor, especially for FHA loans. You should be able to get qualified with no problem when you are ready to buy.
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You’ll be fine with a two year work history. It helps, if it is in the same line of work. They may require that you have at least one pay-stub. I would recommend that you rent for a few months while you find something that you really like. It can be stressful enough, just moving. You need 4 or 5 good lines of credit. Banks want to see that you can borrow money and pay it back. Get a personal loan, line of credit, checking overdraft, gas card & a store card.
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You should be fine…many lenders will be ok with your job time since you have a good-sized down payment and good credit.
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