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My Guidelines For 1st Time Home Purchase - Millennials
Below are the steps to follow for establishing credit before your purchase your first home
Establish or maintain 3 credit card/installment accounts with small limits never using no more than 20% of the available balance.   Better yet, just use the cards to pay for a tank of gas, then pay it off.  Alternative credit (rent, utilities, cell phones) may work, depending on the loan, too.  A 24 month history is ideal.
 
If you already have more than 3 accounts, if any are above 50% of their available credit line, pay them down to at least 50% and then, shoot for 30%. 
 
Practice making a mortgage payment.   Once I have reviewed what your mortgage payment could be, I will recommend that you “practice” paying the difference between the mortgage payment and their rent into a savings account they don’t touch.    How comfortable is that payment?  What are you having to sacrifice to make it and is it worth it to you?
 
Save enough money (from your “practice mortgage payments) until you have enough for 3% down payment/closing costs (if you’re going FHA or using a program like the Fannie Mae  and have 3 months of mortgage payments ... more

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