How masses years of biddable credit does it help yourself to to capture a mortgage?
I am 18 and just got my first credit card so I am competent to establish credit. I want to be able to buy a house as soon as possible because i have save up tons of money as a kid and make a pretty good income that i should know how to afford a small house, instead of living in an apartment. I was told that it will whip a couple years of building up credit before I should apply for a mortgage. I am planning on making sure none of my credit card bills are late, so assuming i hang on to my credit score good...does anyone know on average or a minimum amount of time i own to have credit before i should apply for a mortgage? I am still young-looking and still learning about everything, so any relief or advice would be great :)
"> 2 years would be a bare minimum. Not just do you need to pay in good time, you need to pay your card stability in full every month. A single line of credit will bestow you a good score but still may not be ample for a mortgage. If your don't only have a single card afterwards a large down payment will be required. Keep abiding and put as much down as possible. 20% would be good but any more would be helpful.
I would contact a Mortgage Lender and enjoy them do a pre-approval for you. I work for a Lender in OHIO and we have closed various loans for 18 year buyers before. From the way you are living your natural life at this time you may already qualify. At least if you meet next to a mortgage banker they can provide you with a solid plan to buying your 1st house.
Rich
www.loanonelender.com Source(s): www.loanonelender.com
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"> 2 years would be a bare minimum. Not just do you need to pay in good time, you need to pay your card stability in full every month. A single line of credit will bestow you a good score but still may not be ample for a mortgage. If your don't only have a single card afterwards a large down payment will be required. Keep abiding and put as much down as possible. 20% would be good but any more would be helpful.
I would contact a Mortgage Lender and enjoy them do a pre-approval for you. I work for a Lender in OHIO and we have closed various loans for 18 year buyers before. From the way you are living your natural life at this time you may already qualify. At least if you meet next to a mortgage banker they can provide you with a solid plan to buying your 1st house.
Rich
www.loanonelender.com Source(s): www.loanonelender.com
Related Questions:
Are GICs contained by 401k's at Risk Because of MBIA's Credit Downgrade and Bank/Mortgage Problems?
Many 401k funds offer GICs (guaranteed investment contracts). Are these likely to be at risk or artificial because of the current problems banks are having beside sub-prime mortgages? Most likely "no." The word "guaranteed" is a bit...