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- December 12, 2011 at 3:28 pm #238068
…a cosigner? (in Canada)? if two people want to buy a house and one person doesn’t have any credit whatsoever while the other person has good credit, how long will the person need to build credit until they can buy a house without a cosigner?
-no current debt whatsoever for either person
-building credit just by having a credit card and paying off monthly phone bill, gas etc with it (not getting loans from the bank to pay back to increase score)
please tell me the minimum amount of time that you are certain of in months please do not say “about a year” if the real minimum time is more like 10 months
actually we tried last year with more more than 4 years each of steady employment with the same company (with tax slips and job letters to prove it), thousands more than the minimum required down payment, and it was on a place that was over $100,000 under the maximum amount we were eligible for (according to our mortgage broker) and still couldn’t get a mortgage – not because of the lenders but because the mortgage insurance company wouldn’t allow the lenders to give us the loan unless we had a cosigner. that is why i’m asking because we’ve been waiting for the credit to build up for almost a year now and i’m wondering if we need to wait for a whole year or if we can start looking again
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