A little bit of background.
Moved back to the US in Dec 2016 after 9 years of me living overseas. When I moved back my credit was reset as I had no activity for those 9 years, ok fine, spent the last few years building my credit back up and get two years of income and tax returns.
I married my wife overseas, so she immigrated to the US in 2016 but had to wait for a year and a half while her USCIS application was adjudicating. This gives her about 10 months of employment, she could not work until she received her documentation. I will address this later.
I am living in a house owned by my father-in-law, he is able to let us live in the house rent free while we established our family (two kids) and got financially stable after working for so many years in the non-profit sector, my savings were nothing. This is another issue.
My father-in-law owns the house outright, so he will be giving us a gift of equity for 10% down payment and covering costs.
Since my wife has been only working for 10 months, how is her income calculated?
I started at $50k salary and over the last two years I have received promotions so I now make $63k. Do they average out two years for FHA or is it based on what you make now?
I do not have rent history as I have been living rent free so far, is this a huge issue?
FHA loan
Mortgage score - mine is 649 and wife is 624
Buying in Phoenix, AZ
Total gross currently - combined $96k
Buying end of this year (hopefully)
Home value - $260k
Got my DTI figured out but the above two issues were throwing me off if I am eligible or if these issues can be worked around.