What are the pros and cons of buying a house using an FHA loan?

What time of the month do creditors report to the credit bureaus?

• My husband and I are about to buy a house soon and we don't want to apply for a loan until all of our small balances (500 and under) are paid off. we will be paying them off around the 22nd of may, how long should we wait to apply for a loan so that the new balances will show and be up to date? we are first time home buyers and very young. we want to make sure we get a good interest rate and that we qualify. if you have any other advice about getting home loans etc. let me know! Also, my husband is in the military and we are trying to weigh the pros and cons of an FHA loan or the VA loan. so if you could help us out I really appreciate it!!

• Answer:

  It is not uncommon for credit reporting agencies to have their information at least a month behind. It all depends on the the statement closing dates from your creditor. Most creditors submit the information once a month electronically. It normally takes 30-60 days to update