Build good credit, then house hunt

The rate and terms you get on a mortgage will depend largely on three factors: your FICO credit scores, your down payment and your income.
To improve your credit scores, you need to get -- and use -- credit. Credit cards are a good way to build your credit history and your scores. So are installment loans, such as auto loans and personal loans.
If you don't currently have a credit card or a loan, apply for a secured card. You can find good ones at CardRatings.com or Bankrate.com. To get a secured card, you make a deposit at the issuing bank (typically $200 to $1,000) and in return get an account with a line of credit in the same amount.
You'll want to use the card lightly but regularly, and pay your bill on time and in full every month. Don't use more than about 30% of your credit line at any given time, and don't believe the myth that you need to carry a balance to improve your credit. That's hogwash.
Choose a credit card that reports to all three credit bureaus and that converts to a regular, unsecured credit card after 12 to 18 months of on-time payments.
After several months of using and paying off the card in full to build a credit history, consider getting a small personal loan from your local credit union and paying that off.
Also, consider signing up for a credit monitoring service that gives you access to your FICO scores. (Some credit monitoring services offer other types of credit scores, but you'll want to look at your FICOs, since those are the same scores the lenders will be using.) That way you can monitor your improvement over time.

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