The best way to make your credit cards tax deductible is to consolidate them into a mortgage loan. Interest on mortgage debt is deductible while interest on credit cards or auto loans is not. You can save a lot of interest paid by consolidating your non deductible interest debt into a home loan.

Consolidating all or many of your debts with a refinance or second mortgage may save you considerable amounts of money each month. You can put the money you save into a savings account or towards extra principal payments to your mortgage. This will maximize the benefit’s to you and your financial picture.

A good measurement for considering a refinance or second mortgage to pay off credit cards would be the time in which you would be able to pay off the credit debt. Because of compounding interest if your credit debt would remain unpaid after three years of payments, consolidating your debt would most likely be beneficial.

If you do not have any credit cards in your name, or only have one or two, talk to a mortgage professional who is helping you plan your home purchase about whether using a secured credit card would help you qualify for a loan by adding an active revolving trade line to your credit history. In addition to secured credit card programs, a variety of other options are available to help you build the credit you will need to purchase a home.

Remember when moving to plan accordingly. Look your purchase agreement over carefully before signing it to make sure you see when it states you will receive your keys to your new home. Sometimes the seller may have 1, 2, 3, or even more days after closing to hand the keys over to you. If your loan does not close until sometime in the evening, you may not receive your keys until the next day after the mortgage records with the county. You don’t want to be stuck with people moving into your old house when you are still waiting to move into your new house. Timing is of the essence. When in doubt ask your mortgage professional or your realtor specifics about when you should expect to receive the keys to your new home.

Credit fico score for FHA loans are not crucial consideration. If you have alternative lines of credit that are not reporting, then you could still get a mortgage under the FHA guidelines. Check with your mortgage broker on these deals.

When FHA is underwriting a mortgage loan they do not look directly at the credit fico score of the borrower; instead they look at overall credit profile. However even though fico credit score is not a large factor in an FHA loan you mortgage history is. Fha requires no mortgage late payments in the last 12 months regardless of the borrowers fico credit score.

This is a very common scenario when one spouse has good credit and the other has bad credit. One possible solution is to have your mortgage professional or mortgage broker look into doing the loan in only the name of the spouse with the good credit. This may help qualify you for the best mortgage available by doing the financing in the name of only one spouse. Both husband and wife will still be on title to the home and have ownership interest in the home, except only one person will be on the actual mortgage loan. Ask a mortgage consultant (mortgage professional) about this option to see if it may be an option for you.

There are a number of different options available – some lenders will use the credit score of the primary wage earner, the one who earns the most. Other lenders have programs that allow the highest credit score to be used if not all of the income from the other spouse is needed to qualify. Consult with your mortgage professional to determine what options you have.

When a lender looks at your credit scores they will take the middle score of the three bureaus. Typically lenders will require the person who makes the most income to be the primary borrower. This can work against them if that person is also the one with the lower scores. One option is to look for what they call a best score program. With the best score program the lender will take the better of the two middle scores no matter who makes the most money and you can still use both incomes to qualify for the mortgage.