What does it take to get a home loan/...

What does it take to get a home loan/mortgage?

Posted in the Bassett Forum

cyrillrgp775

Los Angeles, CA

#1 Nov 5, 2013
What does it take to get a home loan/mortgage?First off, I live in Sugar Land/Houston, TX. My husband and I are hoping to get a house in the Austin or Conroe area in the next year to two years. My husband was once in the military and we do our banking through USAA. I've emailed them and haven't gotten an answer for this question yet and being that we have a little monster running around the house all the time, I haven't had the quiet time to make a phone call to them to ask this question. Hoping to get a loan through them.

A little background on us: We have 2 vehicle loans at about $26k total. I have two credit cards in my name totaling about $2500 and we share a credit card at about $6,000. We are about to pay off one of the cars and the big credit card.

My understanding from working at one of the credit repositories is that in order to get a loan for a house, one must have 3 revolving lines of credit. I was also told that it is best to keep the credit lines at a good amount and pay them down monthly, not paying them completely off every month as to show responsibility and to increase your credit score. I was recently able to get credit at a furniture store even with the big credit card and vehicles on my name whereas my husband could not. We are not sure why this is as we have looked his credit and we don't see an issue except for an old business cell phone bill that he waited on paying and then finally paid once it his collections a few years ago. I'd like this removed but I'm not sure exactly what we can do about it.
I'm concerned that his credit might hold us back from putting us both on the loan, thinking that with us both on there, we might have a better chance at getting a larger loan. I'm not sure how that works and if that matters though.

So with all that, does anyone know what would be a good way about getting a loan with the credit we have? Should we pay all the cards off and just keep those accounts open? Or keep them at a lower amount paying them off monthly? We will have money to put down on a house when it comes to it but we need advice on the credit part of it.

Thank you.

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