1st time home buyer - few questions

[jbell255]

1. Credit.  My score - checked about 6 months ago was around 700-710, only 1 negative was a debt collection for $3k paid off around 06/2010, I have 2 credit cards, #1 $16k limit/no balance, #2 $8k limit/no balance --- Wife's - Relatively little amount of history, no CC's, and NO negatives.
2. Income.  Our combined gross income is $9300/mo.
3. Source of income.  All Salary
4. Monthly debt payments.  We have 2 car loans, totalling $550 /mo, BOTH will be paid off within the next 6 months.  No other debts.
5. Employment Me - employed job#1 for 2.5 years, job#2 (national guard) for 9 years,  --- Wife - employed 2 years
6. Assets/Reserves.  Combined we have around $120k+ including cash, bonds, stocks, etc.  Around $85k of that is in cash in checking/savings accounts.
7. Location.  Des Moines, IA suburbs
8. Property.  Single family home, New-10 yrs old
9. Value.  Looking in the $180-240k price range
10. Occupancy.  Primary residence
11. Transaction Type.  Purchase

Questions.

• I am eligible for a VA loan, and have researched the pro's/cons.  I understand a major benefit of this loan is ability to put zero down without paying PMI.  Would this make sense given the fact we could afford to put down a sizable down payment?
• What, if anything, could either of us do to improve our credit scores?  Would anything have a quick enough impact to affect our scores if we're looking to buy within 2-6 months?
• My wife wants to get her first credit card, should we hold off on applying for that until after we get approved for a mortgage?
• Any other suggestions for us as first time buyers?

[cartwrna]

From what I have read I would wait on apping for any type of credit as there is a chance the new tradeline will initially lower your score. On the other hand it may not affect you much if your AAoA (average age of accounts) is substantial. Your scores are high enough that you most likely wouldn't see much of a bump in score if any at all with the new tradeline in the event it was not to hurt you.I would check her score though due to the lender will use the lowest of your median scores if apping together. In the event hers is relatively low I would look into getting her a line of credit started at a local CU or the bank you plan on using as a lender. Get some time of good history and then apply if that is feasible for your timeline. If waiting the full 6 months I would say go for it, maybe someone else can chime in? Hope your experience witg home buying goes well and you picked a good location. I live in Iowa as well, Ottumwa.