Payment history is important with Qualifying for a Minnesota Home Loan
Having a record of paying your bills on time for a Minnesota home loan is especially important when you don’t have a credit score or a payment history.
Bills such as Netflix, Utilities, Cell phone, Insurance, Rent, Credit Cards, or Cable bill are important to show that you manage your bills well and pay on time even if you don’t have much of a payment history with other bigger items.
You can get a Minnesota home loan with the right circumstances even without a credit score. Some people used prepaid cards, debit cards, money orders, cashiers checks and cash.
A large part of your credit score is your credit balances, but also how you manage all of your credit and monthly payments. That’s why holding onto your statements is important. Lenders like to also see your bills to understand your debt-to-income ratio.
We do see where pulling 3 credit bureaus on someone isn’t always going to return a lot of data back.
Also getting a couple of credit cards and charging a few items like gas and good and keeping a low balance and on-time payments is going to help your credit score and that’s something you can do on your own before you come onto messenger to chat live to discuss your home qualifying situation.
Don’t think you need perfect credit to buy a Minnesota home either as 580+ credit score allows you options into lots of programs like VA, USDA and FHA. Having 60 day late payments is going to make it tougher to get qualified though.
I look forward to finding out your unique situation and how you can be helped