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Mercy Croft
8 months ago
I am a 75 year old retiree. I have 1600 a month net income from social security and a small pension. I just got a credit score, because I recently took out a secured credit card. No FICO shows yet on experian, but creditkarma shows transunion 664 and equifax 670. I have no other credit cards or financing of any kind. The only alternative credit line I have would be my electric bill. All other bills are in my daughters name. I don't even have things like a gym membership or netflix account, so the only alternative credit line period is my electric bill. I have no debts on my credit history.

Does it sound like I can qualify, for either a FHA or USDA loan?
 
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Best Expert Answer
Joe Wallace
8 months ago
The most important thing to do with the credit you do have is to establish a record of 100% on-time payments. You might consider having one of your other bills put into your name, also. Qualifying for the loan will depend greatly on lender standards in this area so you'll need to find a lender who can work with your circumstances. It may be best to contact the FHA directly at their toll-free number (1-800 CALL FHA) and request a referral to a local, HUD-approved housing counselor who can advise you with pre-purchase counseling in this area and other planning issues.
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Mercy Croft
8 months ago
I thought open lines of credit have to be in your name for at least 12 months to be considered?
Joe Wallace
8 months ago
Lender standards would also apply, so there are variables that may be considered depending on the lender. In general, 12 months of on-time payments (no lates or missed payments) are required for loan approval though an individual lender may be willing to work with circumstances depending on what they are.
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Category Expert
Bruce Reichstein
8 months ago
Borrowers with less than perfect credit scores are eligible for FHA loans, as the minimum required FICO score is 580 and down payment is 3.5%. This is especially useful for first-time homebuyers who don’t have an established credit history. Loan qualification can be based on alternative forms of credit, such as utility, rent, and auto insurance payments.
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