>A personal loan won’t help your credit score, just lower the length of your credit history which is a negative.
This is the big issue. You will hurt your chances of a mortgage approval in general. An underwriter will most likely look at it and see you trying to borrow a lot in a little time and think you are high risk. I work with first time buyers quite a bit.
simplyhouston t1_jdujc8p wrote
Reply to comment by MsDisney76 in Preparing to buy our first home by [deleted]
>A personal loan won’t help your credit score, just lower the length of your credit history which is a negative.
This is the big issue. You will hurt your chances of a mortgage approval in general. An underwriter will most likely look at it and see you trying to borrow a lot in a little time and think you are high risk. I work with first time buyers quite a bit.