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bondoron

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What do I need to do, to secure a mortgage?
I have a score of 712. I am looking for a mortgage for a $100,000 house. My income to debt ratio would be 18%. I have no bad marks of any sort on my record. The only problem is I have little credit history. I have 1 credit card and have had it for 4 months. My question is what do I need to do to get a mortgage in the next year or so?
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As long as your employment is solid you should have no problem in a year or two.

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I have been at my current job for 4 years and my wages have went up every year. What other credit do I need on my report? Another credit card, loan, etc.? Everything I put in the simulator makes my score go down.

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You could get a Capital One or Orchard Bank card in a heart beat.  Get one more card for now and keep the balances below 20% of limits at all times.  Use the cards for gas and groceries.

You could get a FHA mortgage right now ( 640 MID SCORE NEEDED ) that only requires 3.5% down and the sellars in many cases are helping with closing costs.  I don't now if your ready right now but interest rates are trending upward and who knows where the rates will be in two years.  Good Luck.

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I thought for an FHA loan you need two items with credit history over two years old. Am I incorrect?

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