Buying A Home
germangirl6988
member
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
First time buying home, should we wait?
Hi I am new here and to the market and had a question. My DH and I are debating on moving once our rent is up in march. I was wondering if we should wait till next year as I will have my credit card paid off in February and will have no debt. (Ie credit cards/car payment) Was wondering if smart to wait so they can see no debt for a year and maybe it will look better than them just seeing no debt for only three months.
Also one more question. Am I correct if you're going to use your DH's income also that they have to be included on the mortgage loan? DH doesn't have much credit and I have ok credit. I'm 47 points shy of a 700. Thanks for reading and opinions posted!!
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Re: First time buying home, should we wait?
I would suggest you pay off all your credit cards (good job for having a plan for that) and save up money for an emergency fund (so you don't have to carry a cc balance), save for a downpayment and save for misc expenses. Buying a house Isn't cheap and you'll have so many things you'll need to buy like a lawnmower, tools, shovels, rakes, things to decorate and possibly furniture and other things if the house needs some work. You'll need a minimum of 3.5% down on an FHA loan and even then you will be paying PMI ontop of your insurance, taxes, principal and interest.
Yes they will look at your husbands credit score if you want to include his income. Rates are typically based off the lowest credit score between you and DH. I would work on building up both your scores by using cc's regularly and paying them off and cleaning up any negative items you have on the report. It's something that takes time. My advice be patient and save while you can!
This!
See how that goes, and if it's not good news, wait. DH and I just bought our house 2 months before we got married, and we both have good credit and no debt. We got a pretty good interest rate, but it wasn't even the best we could possibly have gotten, because I don't have enough credit established. I have credit cards and I pay my bills on time but I've never had student loans or car loans so that hurt us a little bit. My credit score was 710+ for 2 of the 3 ratings, and again, I had no debt for a long time.
Do you guys have enough money saved up for a down payment and to cover closing costs? Our closing costs on our house were $10k. Keep that part in mind too.
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