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After many years of paying rent we have decided we want a home of our own. Would 18 months be too early to start the mortgage process? Here is our story...bear with me it's long, Back in December of 2012 we closed our accounts at a traditional bank and moved our accounts to a credit union (bank was giving us no love even when we never overdraft in the 5 years with them). September of 2013 requested a CC from credit union and received it. Been keeping uti under 10% paying off each paycheck. November we received a car loan with credit union for a 7.99% interest for $33,000, paying on time, never late. Husband is an authorized user on brother's AMEX to help build credit. In other words we didn't have good credit. Husband's "baddies" will fall off in 2015. My baddies were all medical from hospitalization in 2012. Used WhyChat's method and they are all gone! In September I went on a CC spree and obtain a Capital One CC, Wal-Mart and Care Credit (joint with husband) for me and for husband a Valero, Care Credit and Target. Will keep balances down to at the most 1% and pay off each month. My credit scores are as follows: EQ 637, EX 615, TU 611 (Very excited about my scores, this time last year they were all in the low 500s!) Husbands scores are as follows: EQ 600, EX 559, TU 614 (He has 5 baddies, scheduled to fall off by 2015) We are planning on using our Credit Union since we are building a relationship with them, with the car loan and cc. I was also planning on April of 2015 obtaining one more CC, not a store card, to help our portfolio. Should I or should I not??? I need advice on what we need to do to bring our scores up by May of 2016 to obtain a mortgage at a good rate. I hear that 620 is the rate some loan companies will approve. I want at least a low 700 or very high 600 before we start looking. Would love a 720 to 750 on all! My husband's score will go up once the "baddies" are gone. I am worried about how recent our credit will be and if that would be an issue on obtaining a mortgage. Need to also mention, both of us have two jobs and nickel and diming everything to save at least 20% to put down on a place. I've been at my current full time employment for over 9 years, husband just switched jobs in October, 2013 so he has been there a year. Would we be able to obtain a mortgage loan in 18 months???

Hello, I was pre approved for house and bank just accepted my offer last week, I received notification today that credit score dropped 28 points ONLY thing changed was alert saying "credit usage significantly increased 45%" it takes me to 608 score which is below 620 needed with lender for FHA. Spoke to loan officer and said yes it could affect me closing on home. My inspection is tomorrow so I have time, I paid off card today to $0 balance. Do you think I will be OK come closing?

In the last couple of months, situations have presented themselves, resulting in having to move back home to care for my parents. It was a thought I didn't hesitated on, being, they are the most amazing mother and father any child would be blessed with, I'm so thankful it was me. For 18 years, they took care of me, so taking care of them will come with the greatest joy, patience and ease. Presently, I reside in another city and moving home must be immediate. Fortunately, the house next door to my parents, will be available, which belonged to my grandparents. The people living in the house, we're all close with and they've agreed not to put the house on the market, allowing me to have first grabs. Here's my fear, my credit isn't the best, yet I don't have any bankruptcies, credit cards, loan defaults, etc. By choice, I've never owned a credit card, my thing is, if I can't pay cash, I don't need it. I've never been late paying my car note or insurance, the 2 things on there, I've paid, each month and timely. The issues with my credit are other people. When my grown child was a very young child, the judge ordered her father to pay all her medical bills. Being I was the parent that took her to all her doctor visits, the bill was put in my name, because the doctor's offices wouldn't honor judges' orders, they say the responsible party is the parent that brings her. When he refused to pay, I took him back to court, he was held in contempt , but he didn't care and didn't pay any of the bills, so they are still on my credit. I'm afraid that's going to hinder me from buying this home and it's imperative I get that house, so I can get to my parents right away. Does anyone have stories of likeness or any suggestions? All will be very much appreciated. Thank you in advance.

Hello every one I would like to know can I qualify for a house and how much house can I afford. Thanks in advance for any help. Credit experian 644 equifax 670 tr 693 I have 3 unpaid medical bills for 384, 44, these are from 2011 and a medical bill for 75.00 only on Experian that will fall off in April of this year I have one credit card with NFCU with a 1000 limit with utilization of 1% I have one car loan with a balance of 2700 it was only for 3000 so it is a new loan I have a paid verizon collection for 48.00 that was paid off in 2011 and 3 personal loans that was paid as agreed Income 3600 monthly Monthly debt payments 100.00 car loan Employment at current job since 2011 in the same career for 15 yrs I live in VA and I am a first time home buyer

I've been reducing my debt for years to realize my dream of owning a house. I've paid off over $70,000 of my student debt over the last 5 years, but I still have $24,000 to go. Still, I am very close to having enough paid off that I can get a house much earlier than I expected. I looked into getting a mortgage recently, but they said that my debt is still too high to lend to me despite having a good credit score and credit history. In an effort to reduce my debt further and faster, I thought that a good option would be to ditch my car loan (19k) and take over someone else's lease. I figure that this way I will wipe $14K off my books, instantly reducing my total debt obligation (apartment rent, car lease, student debt) from $47K to 33K. My other option is getting a used car, the problem is that this would add the same amount of debt or subtract from the 30K I saved for a down payment. I would also run the risk of having to pay for repairs if I got unlucky with a car purchase. On my current trajectory (considering I get rent similar to the one I have now when my company moves) I will be debt free in 3 years if I wait to buy a house. If I buy a house I will be done with all of my school and car debt in a little over 1.5 years and save an estimated 2-3K in Interest. I will also be able to capitalize on the low mortgage rates and have the pleasure of owning my own home. My hope is to get a $70-110K mortgage between December and March. I'd just like a second opinion from some of the people on this message board to see how sound my plans are.