I will start the loan process next month, and just need some advice on how to go about it.
I met with a LO of a company here in Houston, and she explained the different types of loans out there. I am married, working on a W2, my husband is on a 1099. So the LO took all of our information, and entered it into her system. The outcome was for me to get the loan on my own. Due to the fact, my husband writes off so much in his business. So she told me to go conventional, also this would be my first time ever buying a home. I made $73k last year, and my mortgage score was 627, and she told me to bring it up to 640, by paying down our credit cards.
So, I’m doing all that tomorrow.
My question is, when I pay them all off, do I need to keep a small balance on all of them? I’m unclear about that.
We plan on getting with her again on the 5th of next month for her to do the rescore , and also, apply with NFCU, and see what they have to say.
Our time line is, our lease is up Nov 30. However, we have to give the owners 60 notice, so we’re looking at the 1st of Oct. I just want to be clear to close, when I notify them. We’re looking to purchase something between $200-230k. I hate that we can’t use his income, because we could have more buying power. DH makes $140k. However, I do understand the write-offs for his business, but I would like to afford a larger home.
If anyone could advise me on what to do about the cards, I’d greatly appreciate it.
