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StrivingForGreatness13

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Looking to buy first home
Like many people, I lost income during the recession of 2008. I am now finally back on track and recently just received a promotion that will pay me in excess of $100K/yr. My wife has strong credit (I made sure that all of her bills were paid during the financial ruins of 08), she currently holds the mortgage for our home which we will be selling because my promotion involves relocation. I recently paid off all of my old debt. My question is, with her strong credit and my earning potential, can WE get approved for a mortgage together even with my TransUnion score currently sitting around 550? Should I have her add me as a authorized user to her credit accounts that were established before our marriage, just to try and strengthen my credit history and hopefully boost my score? Please help!

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Be honest and ask questions

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I suggest that you locate a reputable mortgage broker in the area where you are going to move.  If you are working with a realtor, ask them for a recommendation.  If not, I'd start off with finding a realtor that is familair with the area you intend to move.  Talk to the broker and be honest about the situation.  They are in the business of finding you a good mortgage, so they will work hard to setup your applicaiton in the best way.  They are also in the best position to shop around to give you an idea of what you can be approved for before you start looking at homes.

Final thoughts: I think you'll be fine, but in the case that you can't qualify for the rate or amount that you are comfortable with, you may want to consider renting for a year to stabalize your credit.  If you can get your score back above 620, you'll be in good shape to get a loan at a reasonable rate.
 

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