how possible/impossible is it to get a mortgage with short credit history?
My husband and I moved to SF from abroad not too long ago. I have more than 2 years of credit history with 2 active (more than 12 months) and 1 inactive tradelines and a Fico score of 750. However my husband only has a 7 month credit history, with only 1 active tradeline (Fico of 720). I am a bit discouraged because my bank (WF) told me that no matter how good my credit is, until my husband gets 2 years of credit and at least 3 active tradelines we cannot get a joint loan. He says our only options are either getting a loan under my sole name (but with only my salary the amount would be too low), or getting an alternate credit loan but capped at $417K.
I feel really discouraged at this point – I didn’t think we would have to wait 18 whole months before we could even begin to hope to qualify… Any thoughts? Is this standard or are big banks just stricter? Aren’t FHA loans supposed to have less stringent requirements?
Any advice much appreciated. Thanks so much!