Enough downpayment, no credit history and joint credit card?
We plan to buy a house, we can pay 50% downpayment. We have okay job - not that great, but affordable to pay rest of money over 15 years. My husband has a pretty high credit score and I have none . Recently I made a joint credit card and we thought this would solve the problem. How long would it take to get a credit history in my case? Could we make an offer even before? We don't want to lose the chance and my credit score seems the only reason why we can't get a loan, which I don't understand. Is there any other way? We applied for the loan through the bank we mainly use.
Public Comments
- With 50% down you don't need a credit history. Who told you that you can't get a loan? Banks have limited programs, try going to a broker that can offer you an assortment of options. As for how long it would take to "make a credit history", if you have a joint account with your husband then you already have one, it's just a matter of it being reported as such. Get a pre-approval from a broker and make the offer on your home, if you can afford to pay it back in 15 years with 50% down you surely will get approved.
- Probally the fastest way to gain credit would be to buy a car with a loan. And after 6 months of payments you would have great credit. Other than that you can just have your husband sign for the mortgage by himself. With a 620+ credit score and 50% down it should be easy to get that done for any loan officer. And you can keep working on your credit in the mean time and then at a later time refinance (or when you upgrade homes) and add both names to the mortgage note. Or try a split loan, 150k putting 50% down and taking two smaller loans to make them easier to quailfy for. Some first time home buyers do 80/20 loans.
