How to Get a Mortgage With Insufficient Trade Lines

If you're planning to apply for a mortgage loan, lenders will need to examine your finances to determine your creditworthiness. Your credit report is a major factor in this decision. If don't have at least two accounts, or trade lines, shown on your report, lenders may deny your loan because of an insufficient credit history. You have two options available to you after denial. You can apply for a loan guaranteed by the Federal Housing Authority, or FHA, who will consider untraditional trade lines, like rent payments, not typically reported to credit bureaus, or you will need to establish credit and maintain a history of responsible borrowing and on-time payments before reapplying for a mortgage.

Instructions

Contact the U.S. Department of Housing and Urban Development, or HUD, for a list of approved lenders in your region to begin the application process.

Gather the documentation you'll need for your loan application. Include your Social Security card, pay stubs from the most recent 30-day period, your last two W-2 forms and contact information for your employers. Also gather three months' worth of bank statements and your last two tax returns.

Cooperate with your mortgage consultant's requests for any additional documentation required to complete your application.

Open checking and savings accounts if you don't already have them.

Research department stores and gas companies online to find one that reports to credit bureaus. Apply for the card.

Use the card and stretch payments out over at least three months. Make each payment on time.

Repay the balance on your store or gas card.

Apply for a major credit card such as MasterCard or Visa. Use the major credit card and pay that balance off with several monthly, on-time payments.

Keep your credit card balances low and always keep spending within your budget. Use your cards regularly so that the creditors report activity to the credit bureaus each month.

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