My husband and I want to prepare to apply for a home loan within the next 5 years. Currently we rent, my husband lived there 3 years before we got married and we have lived there married for 2 years. We've never been late on rent or bills. We don't like debt and thus don't carry any. Any large ticket items (i.e. laptop computer $2,500 and mattress $3,500) we pay in cash. I only have three department store credit cards (Banana Republic, Ann Taylor & VS) as far as credit goes. I pay any balance (I don't use them much) when due or before due date. The only financing my husband and I have done is paid off a 2002 truck in 2005 (after selling). What should we do in order to build up credit (or whatever is needed) in order to get a home loan in about 5 years or less?
Thanks in advance. We are planning on meeting with a realtor or loan officer to discuss in detail what they require.
2007-01-22
04:24:46
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8 answers
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asked by
SDL
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Renting & Real Estate