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Posted in Mortgage
Is it possible to get a home loan with a thin file
I'm trying to buy a house and came to this site to see my score and it says i have a thin file and it cant tell me a score. Does that mean i dont have a score? Does anyone else think its possible to get a homeloan with a thin file?
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channonp

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I was shocked to find that after years of having a score that when I applied for a mortgage my lender said two credit bureaus weren't reporting scores for me. The bank needs two credit scores to determine your rate. I rent, paid off my car in 2006, and pay off my one credit card every month. No debt and no negative items. Though I have had credit since '88, different cards, signature loans, etc. I made the mistake of closing card accounts that I paid off. I had to have a family member add me to one of their credit cards to quickly add some more, recent, credit history in order to get the bureaus to provide a score for me. It's ridiculous that we are penalized for responsible behavior. 

I ended up up changing my mind on the house and need to buy a car. I have a good 6-figure income and can put down some or all of the cost of a car in cash. I need advice on what this will do to my ability to get a good rate on a mortgage, but see no answers on this site that help. 

Response by
spollard65

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 It will depend on your rental history and how much credit you actually have based on a 2 yr history and how much down payment you can make. It is possible to get a home loan even now with very little history and yes it is more difficult.  I am a REALTOR and have currently seen poor to avg credits qualify for home loans.  There are still many different loan programs available and with the right mortgage broker they will be able to let you know what is available.  They will have to check your credit score in order to see what you can qualify for so ssn would be needed if there isn't information provided by you.

Response by
wais83

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It is more difficult. Means more stipulations and more work. Probably easier to just wait 6 more months. You can alway talk to a mortgage broker and ask. Just don't give out your SSN until you are ready to buy. 

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hardeight

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