Can I qualify for a home loan?

I just graduated college and would like to buy a home. I just received a job offer for 65K a year but at this point in my life I do not have credit. Am I able to qualify for a home loan? Also, I do not have 3 non traditional credit references (cable bill, phone bill, etc) either. However, I have a cosigner with very good credit and adequate income for the mortgage. I also have enough saved for a very good down payment on the house. I think I could still qualify for an fha home loan but I am not entirely sure. Please let me know if you think I can qualify.

9 Answers

  • Anonymous
    9 years ago
    Best Answer

    Hi swimmerdude,

    You're going to have a tough time with this simply because you don't have anything to establish a credit history with. The second issue has to do with credit score requirements. Most lenders now require a 620-640+ middle score and lenders will base their approval on the lowest score of all borrowers so in your case even with a cosigner you don't meet the minimum credit score requirements.

    Here is something you can do to build your credit history. Talk to your family and see if they will add you as an authorized signer on a couple of their credit cards. Here is how it works. Let's say your dad has an American Express credit card that he had for 10 years, once he adds you that account shows up on your credit with a 10 year history already established. If you add 2 or 3 accounts like this, it will get you started on establishing your credit quickly.

    Landlord is wrong, you will not need 2 years tax returns to qualify for an FHA mortgage because you just graduated college.

    Source(s): I'm a mortgage banker/broker
  • Anonymous
    6 years ago

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    Thank you

  • Anonymous
    9 years ago

    Congratulations on graduation and the new job! Unfortunately, without credit or non-traditional credit references, you will have trouble. I am guessing since you mentioned the non-traditional part, you have already experienced this. The BEST thing to do is get a credit card as soon as possible and start establishing yourself. Does not have to be a high limit or anything special, but use it for something small like gas, then pay it off each month. In about 4-6 months, you should be able to have some history and all doors will open for you.

    If time is of the essence, your only shot is going to be a portfolio lender (lender that keeps the loan instead of selling it to Fannie or Freddie). This would be like a credit union or corner bank, and in today’s market, I imagine they would even make it difficult. Wish I had better news, but this is the world we live in now. Good luck!

    --The Team @ Pleasant Valley Home Mortgage

  • Mary
    Lv 4
    4 years ago

    It may depend on the taxes and insurance, but with no other debt, I would think that you are well qualified provided that you have good scores. < 70% LTV. Rate might be around 6.75% with no points. Payment on 200K would be roughly $1300. When you add in the taxes and insurance you might be around $1700 which would give you a housing expense ratio of 35% or so, but with the low LTV, good credit and no other debt I think you would be okay. The best way to find out is to put in an application. Good luck.

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  • 9 years ago

    If your cosigner has solid credit you should be fine. You'll need to show income from your new job, not that you simply have a "job offer". Start the job first to prove you are employed.

  • Anonymous
    9 years ago

    you have no credit history and no work history so you won't get a loan approved. especially in this economy. You might be better off having your co-signer buy a place for you and then re-sell it to you after a couple years of building credit.

  • 9 years ago

    No, you need 2 years of income tax returns showing the income in addition to the credit issue.

  • Anonymous
    9 years ago

    I had basically the same query a while back. Save yourself some time & click on the second and fifth links at

  • ?
    Lv 7
    9 years ago

    With the cosigner you will qualify

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