Questions about buying a house?!? Do I need to build more credit?

Question

I am looking into buying a small house in about a year or two. I would have about 15-20% of the down payment.

However, I want to move across the country and get a job in a new city. Would I have to be employed for a certain amount of months/years at the same job in this new city to be considered for a mortgage? I am thinking I would probably have to rent for while???? I am only 23 and have a very stable past as far as jobs and credit.

I currently only have 1 credit credit and I pay the whole thing off each month. I don't have any store credit cards. In addition, I have a savings and checking account. My parents helped pay for college...so I have no student loans or car loans to worry about?!?!

But what else should I be doing to help my credit or being approved for a loan in the future?!?!

Thanks in advance for any tips!!!

Answer 1

You can start by not paying the credit card in full each month; carry a small balance ($25 or so) on the card to show activity. When you pay the card in full each month, it does not report as an active/open account. Another good way to build credit is to take out a small signature loan at your local bank or credit union and deposit the money into a savings account. Make the monthly loan payment from the savings account until it's paid (stretch it out for 12 months minimum).

As long as you're in the same line of work, beginning a job in a new area is not a problem. All that is required is 30 days worth of paycheck stubs, so if you get paid bi-weekly, you would need to be able to provide 2 pay stubs to qualify.

Since you are putting 15%-20% down, the length of time that you have had credit won't be as much of a factor, especially for FHA loans. You should be able to get qualified with no problem when you are ready to buy.

Answer 2

You'll be fine with a two year work history. It helps, if it is in the same line of work. They may require that you have at least one pay-stub. I would recommend that you rent for a few months while you find something that you really like. It can be stressful enough, just moving. You need 4 or 5 good lines of credit. Banks want to see that you can borrow money and pay it back. Get a personal loan, line of credit, checking overdraft, gas card & a store card.

Answer 3

Many lenders want to see a year on the job before they grant a loan. You sound like you are doing a lot right. And if you have that much saved for a down payment, you should be able to get a mortgage without much trouble.

Answer 4

You should be fine...many lenders will be ok with your job time since you have a good-sized down payment and good credit.

Answer 5

to be honest with 20% down anyone can get a mortage, but i would get a second credit card its actually better to have to with low balances

Answer 6

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