Keller Williams Realty
If your husband can qualify on his own income, then you would not be required to go on the loan application in order to get the mortgage, and your credit wouldn't play a part in qualifying. However if your income is needed, then your credit would have to qualify just as his would. 600 scores can still qualify, however you won't have as many lenders as options.
As far as moving to Olive Branch and buying a home, if it'll be your primary residence, your husband and/or you will need to have employment in the Olive Branch area prior to closing on the loan. So when you said "he will have to find a new job when we move", he really needs to have that figured out ahead of the move, or when you move you'll be renting, as mortgage underwriters will require employment where you will be living. If he's being transferred within his current company that is usually easiest, but if he's starting new employment up he'll need to have an employment contract OR be on the new job & receive a paystub.
If you purchase south of Goodman Rd in Olive Branch you can be eligible for USDA financing, is 100% financing up to the appraised value of the home, to include the purchase price & closing costs, in "rural" areas. The closing costs would include the initial homeowners insurance premium & the initial months for the escrow account which includes the funds towards the upcoming property taxes & homeowners insurance... basically anything reasonable that is due from you at closing can be included in the loan amount, up to the appraised value. It's not a loan you can get cash back with (other than any funds you've actually put in, like earnest money, paying for the appraisal, etc.). USDA has 2 requirements - you must buy in an eligible area as well as your household income can't be too much. http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do is where you can check for eligible areas as well as the income limits.
Otherwise FHA will be one of the better financing options, just a 3.5% down payment is required on most homes, and there is no geographic limits that you must purchase within, nor income limits you must be within.
I am excited for you about your upcoming move. There are very many variables to your situation. I agree with Doug, it would be best to talk to a mortgage professional. If you want some information on local lenders contact Doug or contact myself I can connect you with a professional mortgage consultant. If you would like a sneek peek at what we have available in this area email me at email@example.com. I look forward to hearing from you!
Keller Williams Realty,
Southaven, MS 39672
You are referencing multiple topics: moving from out of state, your credit score of 600, your husband's of 644, plus more- so there would be too much to write here and too many questions/variables.
I think the best way to begin would be to talk to a local loan officer and get the variables worked out. Since you're moving into my area (Desoto County), I would be more than happy to talk with you about everything.
If you interested, then either give me a call at (662) 429-5100 ext 105 or you can email me at firstname.lastname@example.org.
NMLS ID #68160