What do I need to do to prepare for a mortgage?

[Anonymous]

Okay so my fiance and I have set a target for buying a house for July 2020 which is when our current lease on our apartment is up. I'm not new to the credit game, but I'm new to home buying. At the time of closing on the house I will be 22 and she will be 21 with our combined incomes in the range of 55-60k.

My credit reports are 750 across the board

8 credit cards that I PIF each month

17k in deffered student loans that I won't owe on until early 2022

a 6 year car loan for 17k that I still owe 14.8k on

AAoA 1 year

HP 13

no derogs

Her reports are similar 740ish

1 of her own card and an AU on 3 of mine

6k in student loans that we are paying on

6 years car loan or 13k that she owes 9k on

AAoA 1.5 years

3 HP

no derogs

So I was just hoping to get some advice on what I need to be doing to prepare in the next 9-10 months. Our goal is to purchase a $150k, which we have 10% saved up for a down payment. Any advice would be really appreciated! I plan on applying for the mortage through NFCU which I read that I potentially only need 5% for a down payment, which makes me feel really comfortable with my current 10%

[Girlzilla88]

Look up what your state says about 20-25% down ....I know it's a big chunk BUT if you can put that bigger Down it will save you a TON in monthly payments.       Also do NOT touch your cards or add anything to your credit for 6 MONTHS before apping for your Mortgage.     Do not ADD to your cards until you have the KEY in your hand from the home as they can still back out last minute if they see you use your cards/top them out even if it is for the home.     Are those scores your Mortgage Scores if so that is very good.     Above 700 is a very good place to be for mine they pulled my middle Mortgage Score which I believe was 711 at the time         

[Anonymous]

Those scores were Fico scores, how do I go about finding my mortage scores?

[Girlzilla88]

Get an account here at MyFICO if you don't already when you first login it will show your common scores (typically used for Bank/Credit) but right under it it will say look at additional scores used in Mortgage, Auto etc...click on that link and then it will show you.     It was spot on (middle score wise) what the lender said he saw when they pulled all three when he told me I was like YUP that's what I see haha.    What I did is I bought the once a month update almost a year before maybe a little over a year before (just to keep an eye on things and keep an eye on what was affecting in a good way those scores)       

[Anonymous]

Thank you for this helpful information, I'll look into my scores.

How are deferred student loans taken into the equation, do lenders take it into account for my DTI, I would imagine that they do

[Girlzilla88]

As far as the Student loans go I am unsure as I didn't have any BUT they do most definitely take in DTI you want to be under 30% for sure anything lower is better if you can be under 15% awesome!

[AllZero]

Free mortgage scores.

https://ficoforums.myfico.com/t5/Mortgage-Loans/Free-mortgage-scores/m-p/5142201

[Anonymous]

---

@AllZero wrote:
Free mortgage scores.

https://ficoforums.myfico.com/t5/Mortgage-Loans/Free-mortgage-scores/m-p/5142201

---

Thank you, this might be a better option opposed to paying myfico $40 bucks a month to see my scores 

[Girlzilla88]

Dang it where was that when I was looking hahahahaha XD

[AllZero]

You're welcome. $40 x months to add to your down payment.