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Like the title says. I will be a first time home buyer soon and I have a few questions. It all seems pretty straight forward. I have 2 credit cards with a total of about 3 grand balances. With the car payment my back end is in line with the FHA requirement. My question is does paying the cards off help? I just don’t want to put all the money to get the cards paid off when I could use that money to put towards my down payment. I just want to make sure I’m doing the right thing to get ready.
Also I just wanted to see if the FHA mortgage is the best for first time buyers or should I be looking into something else
Thanks for any info!
@blackz151 wrote:Like the title says. I will be a first time home buyer soon and I have a few questions. It all seems pretty straight forward. I have 2 credit cards with a total of about 3 grand balances. With the car payment my back end is in line with the FHA requirement. My question is does paying the cards off help? depends. what are the scores? I just don’t want to put all the money to get the cards paid off when I could use that money to put towards my down payment. I just want to make sure I’m doing the right thing to get ready.
Also I just wanted to see if the FHA mortgage is the best for first time buyers or should I be looking into something else depends on scores. fha is not a fthb program.
Thanks for any info!
Right now the score is around 680.
We're in a similar situation as you with about the same debt, still under acceptable ratios, & scores that are just barely into the 'good enough' range. I've decided to pay only the minimum due on the cards this month & save up the money we would put towards paying them off. This way, the USDA (we're doing a direct loan) will see that we're capable of saving & if they want us to pay down the cards, hey! Easy to do. If you haven't done so already, look into the USDA rural development loans. The terms are easier to qualify for, the rates are awesome, & the income limits can be pretty high for some areas. http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
Thank you for the info! Ill check it out for sure
may want to look into USDA home loans.
Thanks for the info. I was looking into the USDA loans, Seems like non of the houses in our area apply