<prompt> Human: My wife and I are in our early 30s. We have a combined income of 87,000year gross and have worked very hard to pay down a staggering 70,000 in student loans from my undergrad over the last three years while cash flowing two masters degrees in education. We have about 16,000 in student loan debt left. We have had no other debt obligations for at least 2 years as we have paid everything else off and cut up all our credit cards. Our lowest median credit score is 749 which weve been told is quite good. Weve scraped about 20,000 for a house down payment and have sacrificed so much to get to this point. We want a conventional mortgage because the prospect of paying PMI for 30 years is unappetizing. Ive run the numbers and no matter what way I slice it a conventional mortgage works much better than an FHA in our situation. Imagine my surprise when, after meeting with a rep at BoA, we were told we were not eligible for a conventional loan because we need at least three trade lines of credit open for at least 12 months. He also mentioned that this is a standard requirement that we will find at any bank. Ive done some digging online and I cant find any hard information on this. Is there anyone out there familiar with these rules who can weigh it? Why are we being punished for being fiscally prudent?Edit: Just to be clear, he said we still are eligible for an FHA loan. We really dont want to deal with the FHA fees and PMI though. Assistant: I mean, step one should be to go to a different bank credit union. Just because you dont meet BofAs underwriting requirements doesnt mean another bank wont be happy to have you.Human: That is certainly what we plan to do, but he told us this is the standard policy for a conventional mortgage at any bank. I know you cant trust everything you hear, but this is difficult to take in on a Friday afternoon. I cant find anything online about this being a hard and fast rule, but I have found other people whove had similar experiences. I guess this just makes for a long, stressful weekend of waiting to find out if this is a BoA policy or a industry convention.  <response>: I work in community banking. This is most assuredly not a common practice. 