I have been working on cleaning up my credit for the past few months. Paying charged off accounts and clearing up all the descrepencies from my report due to my accounts getting transfered from one place to another. I still have a long road to travel and this message board has given some excellent advice.
I am now at a point in my life when I want to become more stable and not the young, reckless and irresponsible person I once was. I am getting married in a month and want to purchase a home. I have an excellent job and make $126,000 a year and recieve a %15 bonus as well as have a 401k with just under $30K (just recently started thinking about retirment). My credit scores are in the high 500 range.
My soon to be wife is in a different situation. She has excellent credit with scores well above 700 however she is presently not working (9 months). We have joint bank accounts with a balance of $26K and she has a frew credit cards that I am authorized to use and show up on my credit report. A good portion of all our spending is placed on these credit cards and we zero balance them every month.
What is the likelyhood that the 2 of us will quailify for a home loan? The homes in our area run around $450,000 and I would like to keep the payments under $2500 a month. We are paying $1900 per month on rent. Do I have a chance? Can I prove to a leander that I am on the right track?