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How OLD Do My Lines Of Credit Need To Be To Get A Mortgage?
About a month ago I sat down with the loan officer from my bank to see if I could get pre-approved for a mortgage. My bank requires 3% for a down payment ("seasoned" in an active bank account), at least 3 open lines of credit in good standing and a minimum score of 670 for a first time homeowners loan. I have all of these (more than 7% for a downpayment for my expected price range, a 725 credit score and 3 open lines of credit in good standing). I met all of their required minimums and was told I was pre-approved for a 150k loan and I would receive my official pre-approval notice in the mail within a week.

When the mail came the next week I very excitedly opened the letter from my bank, only to be met with a mortgage pre-approval denial statement. On this statement it said I was denied because my credit lines are "not old enough". I have one line that will be a year old in December, another in March and the third in April. When I called the loan officer she told me, "it's not a definite denial, it's more of a "just not right now" sort of thing" and she could not give me an answer as to how old my credit lines need to be before I am officially approved, assuming my score does not drop and my three credit lines remain active.

I'm slightly heartbroken by this as I have surpassed all of the requirements set by my bank (and even attended their first homeowners seminars) and now i'm told it's a "time issue". I was planning on moving out by fall but now that seems extremely unlikely. Everytime I try to search for an answer I can only find answers on how high your credit score needs to be to be pre-approved for a mortgage, I cannot find any information on how OLD your credit needs to be. If anyone can help I would greatly appreciate it. I live in Massachusetts if that makes a difference.

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Only the folks doing the Credit Approval Process for  pre-approval can answer that question, 

Wait till july 2017 to try again ,  that way one is 1.5 years and the other 2 are over a year.

You Really should have 20% down on any house purchase. 

You need to have 3-6 months emergency fund on top of everything else

You also should have some other savings for the unknowns when you move into a house. 

Pay Cash for everything you can

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