buying a 1st house score over 650 for him 720 higher for me

[Anonymous]

He cleane up his credit an its 650 or higher on each report an mine is 740  an higher.

I have 8k in a credit card.

I have 0% apr on it till next month.

We just moved from FL to SC

I got a great job offer here made allot more moving here but of course cost of living is more here

He is not working last 3 months

He has skills just was not looking hard since we knew we had to travel to FL alot for hoildays an he woul not be able to get time off like I can

I will be hired full time at new job next week been contractor for 3 months

He has spent most of his saveings  keeping us afloat

I want to move my cc debt over to 3.99% discover from my BofA 9.99%as of next month

We are looking at homes in the area that are turnkey ready lower then 90k that we want to buy rather then rent in the near year

Do I move the debt  to the other card right before we try and get a house in 1-3 months?

He shoul make upwar of 30 with his skills we are told by people in his field an I will make in the area of 40.

He only has bills for insurance an rent half of 636 and elec under 70 a month

I have card of 8k ,car payment 140 mo / 1200 left , student loan 11k 4.9% , half of bills

our food an entertainment  monthly is about 400 (yea I know we are working on it)

questions:

should I move my credit card over?

we are engaged how shoul we deal with the morgage setup?

What other questions should we be asking.....?

Help

[ShanetheMortgageMan]

What is the credit limit on the BofA card and the Discover card?  It's be important to keep the utilization on individual cards to 50% or below, so if you owe $8k, and each has a limit of $8k, then do half & half.

You can apply together, even if you were not engaged.  Being engaged is treated just like you are single, since an engagement is not legally binding (or I know of a lot of guys who would not even get engaged).  Many people will tell you to not buy together until you are married, but in my opinion being engaged is practically the same thing as being married... and most people saying being married is no different than life before getting married (at least it hasn't been for me so far).  So if you trust & love each other, I think it is fine to both be on the mortgage.  But you guys are the only ones who will know if that is the right decision or not.

What is on his credit that brings it down to 650?  Not like that's a bad score, but just wondering why he doesn't have a 740 score like you?

I find it odd you say the cost of living is more in SC than in FL, most people say SC is pretty cheap compared to FL, but I guess that depends on where you live in SC & where you lived in FL... if you are moving from the gator swamps in FL to Hilton Head Island, then I guess it would be an increase in cost of living.

Once you & he get hired as a W-2'd full time employee your employment history is probably going to be OK.  If you are working as a contractor then it will be hard to qualify as technically you would be looked at as a self-employed individual, and usually 2 years of self-employment is needed to qualify.

Down payment should not be needed, but the last important factor is how much in reserves/liquid assets do you have?  Figure you'd need to have 2 times the PITI (see acronym sticky at top of this section) in reserves, in addition to any closing costs and down payment that are due at closing.  Figure the PITI on $90k would be in the neighborhood of $750-800/mo.

[Anonymous]

his credit was 560's but we cleaned it up

I had a very early lesson on credit contraol when I turned 17

I have the ccd I have now because we moved here and we needed to buyout of leases and such to get here.

Discover card is 13k

BofA is 13k

my bank is BofA

[ShanetheMortgageMan]

I'd put no more than $6.5k on the BofA card... but for maximum score potential I'd put $4k on each.