Peter Boyle 612 701 6816
This will be A-Typical advice for a realtor or loan office but I think you should wait a year or two and buy a house for cash. With a little bit of budgeting and a $190K annual income for the two of you, you should be able to save up sufficient cash for a pretty nice house in a year or two. At that point you don't need to worry about a credit score and with no monthly mortgage payment, probably never will again.
Congratulations on the engagement . You might want to start with improving your credit rating. I think you said you are working on this. You would really want to get your score over 749 if possible. This credit score would qualify you for a fantastic mortgage product with a low interest rate. You can qualify for a mortgage with a lower credit score, but you will pay a higher interest rate for that mortgage product. I have blogged about ways to help boost credit scores here, this might be helpful to you. If you need assistance with credit repair I can also provide some strategies to you. Good luck!
The Credit Repair Expert
Don't worry to much about it. Put toghether Last 2 years tax returns, last 3 bank statements, last 4 paystubs and it should be it for begginers.
Also, if you are far away from getting married it could be an idea just to apply yourself on the loan, unless you really need her income , then, ok, she could apply too.
The best way, pick up the phone, do an internet search, call a friend that bought a home recently aks for their Mortgage Consultant person, set up an appointment, show up, and get pre approved!
The BEST mortgage officer that I have ever met, is Bob Strandell at Bell Mortgage in Golden Valley. You can check out his credentials at http://www.bobstrandell.com and then contact him for a personal appointment.
I send all of my clients to Bob for advice, because he is the most skilled, experienced, and unselfish mortgage officer that I have ever met. He has done both of my mortgages and countless others for all of my clients over the past ten years.
That's the best advice that I can give. He will set you on the right path. Best wishes.
I suspect you'll have to get on a plan to get that credit score up, maybe 6 months or so to show a history of on time payments, maybe paying stuff off, etc. to raise it to the degree where you would qualify for the amount of purchase price you desire.
Again, I stress, talk to a qualified mortgage professional who can help you weigh all the pros and cons of your scenario. Feel free to contact me for a referral!