FHA/Mortgage Requirements - Credit

[Anonymous]

So, it IS okay to only have the one open line of credit (the larger loan) and one closed by consumer (smaller loan we're paying off on Friday) and that they're both auto loans? I read the forums for most of yesterday afternoon and I kept seeing posters say that it was important to have three open lines of credit and they should be diverse.

[msensa]

Well, Reformed, I think you sound like you're on the right track!

We are just a little behind you in your journey...paying off the last baddies this week.  Applying for mortgage with our broker soon as she gives the thumbs up, which will be within weeks.

And might I add, we wives just love when our hubbies give us the credit that is due!  Your wife sounds like she's got it all together...please, from another stay at home mommy in an 800 sq foot house, get her out of there!!  Mine's closing in on me with only 2 kiddos!

[Anonymous]

Good luck on your journey to home ownership! I want my family to be more at ease and spread out and my wife just wants to be somewhere with 3+ bedrooms and to paint the walls. We've always rented and with the three children at home with her all day and evening for 6 days a week, she says the white walls make her feel like we live in an asuylum sometimes. Haha! Poor woman. No wonder she's been working so hard to get my act together; she needs more space.