My wife and I are looking to buy our first house come April (our lease ends in April). Our situation is as such:
1. I will be starting a new job (same profession, different industry) come January, making $ 100,000. My wife will no longer have a job come January, most likely. She currently makes about $ 29,000. I have four CCs, totalling about $ 6000 credit line, with roughly $ 0 usage. I also have a car loan that is in good standing but relatively new (from August 2015) for about $ 17,000 remaining.
2. My wife’s credit is similar to mine, with a longer history. She has a significant amount of CC debt that we are paying off (her usage is around $ 9900 out of about $ 15,000.
3. I had credit problems in the past due to unemployment a few years ago. I didn’t rectify all the issues until recently (in the last year). My current front page scores are about EQ/TU/EX 665/670/665, and my mortgage scores are about EQ/TU/EX 627/680/666 (sorry for the rough numbers, I prefer anonymizing it to a point – also, Equifax really hates me).
4. We will have about $ 17,000 available for a down payment (which may increase before April, but not hugely), and are looking at houses in the $ 250,000 – $ 300,000 range. Cheaper houses in our area tend to be bad, this is a relatively expensive area for houses.
What are our options? What are the benefits/drawbacks to each? I currently have accounts with one bank (PNC) and several credit unions (one of them being Alliant, which is local to me). Are there any particular banks/CUs I should be approaching? There seem to be a lot of details about mortages of which I am unaware.