Info Please

[jacko]

Why not save 20% up for a down payment and if you can another 10% for future maint and furnishings? Mortgage banks will be most impressed instead of the aimless CC activity.

Hi everyone!

Can I get some info here on this...My husband has a auto loan and 1 credit card with a 1200.00 credit line. He is hell bent on NEVER applying for a credit card again. I told him he needs more than 1 card and an auto loan if we eventually want to buy a home again. He says no. Since he will not apply can I put him on my 2 cards (always paid off every month) and that will reflect on his credit line or no?? Also, would asking for a credit increase help or does he need a mix of cards? The mortgage is not being reported so our on time payments does not help. Thanks!

[Pandora]

Why not save 20% up for a down payment and if you can another 10% for future maint and furnishings? Mortgage banks will be most impressed instead of the aimless CC activity.

Jacko

i dont know if you've tried applying for a mortgage lately, however that "20% downpayment" has changed significantly in the past 2 years.

We just had a friend of ours' kid (who's getting married) try to get a mortgage to build his house (they own the land outright) and every lender told them they needed at miminum 50%-75% down, and it couldnt be rolled into the land. Talk about crazy - here these 2 kids are with over $100K cash in hand...and they're turned down flat on a $225K house.

used to be if you owned the land, all that was required was 5% down and you could roll the rest into the lands' equity; my how things have changed (and not for the better).

makes no sense whatsoever....

[jacko]

Can't they find another banker to loan? I'm sure Charles Schwab would loan.

Jacko

i dont know if you've tried applying for a mortgage lately, however that "20% downpayment" has changed significantly in the past 2 years.

We just had a friend of ours' kid (who's getting married) try to get a mortgage to build his house (they own the land outright) and every lender told them they needed at miminum 50%-75% down, and it couldnt be rolled into the land. Talk about crazy - here these 2 kids are with over $100K cash in hand...and they're turned down flat on a $225K house.

used to be if you owned the land, all that was required was 5% down and you could roll the rest into the lands' equity; my how things have changed (and not for the better).

makes no sense whatsoever....

[justbroke]

Go through a broker who can work through many lending sources, including wholesale sources that you may not be able to apply directly with. Going to one or two banks is just not a good strategy these days. Shop the loan! The 1% in points you'll pay the broker could be worth every penny of it!