If you credit is very good you can qualify for a 'no-doc' loan...a loan in which you are not required to show documentation of income. They will require that you sign a statement saying that you have a source of income (in this case your wife's income and student loans will suffice) but you do not have to show proof of this income (i.e., they will not need tax returns, W-2's, or paystubs). The interest rate might be a tad bit higher but at current rates it will still be a bargain mortgage.
Your first step should be to call a mortgage broker or speak to a mortgage officer at a bank in the area you wish to buy and get pre-qualified. They will examine your credit and give you a price range for which you should be eligible. If you begin mortgage shopping, try to do it all within 30 days. In this way all these credit checks will not show up on your credit report (having too many credit checks can look bad).
If you don't understand the basics behind mortgages, educate yourself a little bit before you talk to anyone. A nice website is the home center at The Motley Fool (
link). This way you will know all the 'lingo' that the mortgage officers will be throwing around. There are many other websites and books available at your local library (House Smart by Bruce Williams being one I recommend) that can help you learn as well.
Then begin looking for a mortgage. Some suggestions on where to start include
www.lendingtree.com
www.mortgageselect.com
www.countrywide.com
I had great results with countrywide...pre-qualification of a no-doc loan took about 15 minutes over the telephone, I got a personal local mortgage officer that did all the running around for me in terms of getting appraisals, tax records, insurance, etc., and then even lowered my rate by a half a point two days before closing even though I had locked in the higher rate 60 days earlier. Shop around and good luck...
