is it possible for someone in their early 20s to get approved for a mortgage loan without a co-signer?

Deal Score0

if its possible than how can it be done? im currently 18 and i wont to get approved for a home loan as soon as possible! what steps if any can i take at my current age so ill be able to get aproved for a mortgage loan in my early 20s?

should they be paid in full? also for our small car loan,we owe 6400 but wanted to pay that off too? should I leave like 1K on it? And the c.c. should I leave like 20 dollars on all or some or how much if any?

7 Comments
  1. Reply
    thomas p
    April 29, 2011 at 10:15 pm

    Yes. If you have an appropriate salary income and a low personal debt balance.

  2. Reply
    Saïd H
    April 29, 2011 at 10:17 pm
  3. Reply
    The_Nest
    April 29, 2011 at 10:24 pm

    The biggest boost I had with my credit score was getting a collateralized credit card… Make a small purchase, pay it off on time… after a year, get a real credit card and do the same thing… Leave those two cards open and you’ll have a great credit score…

  4. Reply
    Madeleine M
    April 29, 2011 at 10:35 pm

    You might want to look into hard money lending. If you’re interested there’s a great site you should check out. The web site is http://wwwpitbullmortgageschool.com .
    Best of luck and congratulations!

  5. Reply
    boilerette72
    April 29, 2011 at 11:35 pm

    Having zero balance on credit cards is a good thing. But you need to keep the credit cards open. It’s OK to have a small balance, but it’s important to have savings too. I wouldn’t try too hard, perhaps 1-2k balance.

  6. Reply
    mortgage underwriter
    April 30, 2011 at 12:08 am

    Auto loan won’t be counted against you if you have less that 10 months, that means 9 months or less payments. Multiply your payment by 9 and that’s the balance we’re looking for. As for your credit card, you can pay it off or leave a small balance. FICO likes open accounts with small balances. Not too many open accounts. My FICO score is impacted negatively because I have open accounts with 0 balances that have not been used lately. Dumb reason, I know, I don’t make the rules.

  7. Reply
    Expert Realtor
    April 30, 2011 at 1:06 am

    You don’t have to keep a balance on a credit card, that is a myth. You can pay it off every month and it’s just as good, if not better, than keeping a balance.

    Just never, ever charge more than 50% to the high credit limit or it will actually lower your credit score, even with a perfect payment history.

    For example, if you have a card with a $ 1,000 limit, then you never want to charge more than $ 500 on it.

    PS: By the way, “mortgage underwriter” isn’t a real underwriter but a wannabe…your FICO score is NOT hit if you have accounts with 0 balances as long as they are “mature” accounts (open for a long time).

    I have seen credit reports with 3 pages of OPEN and active accounts that were close to 800 scores.

    I personally have 19 lines of credit.

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