So my wife finally got a teaching job, and as such, we're looking to buy our first house. Our monthly income is around $5k, I'm 24 and she's 25. She has great credit, has multiple cards that she's always paid on time, a car loan that's never been late in the 3 years since she's had it, and a checking account that she's had since she was 16. I have little to no credit history--I had a single credit card when I was 18-19 that I let charge off, but other than that, nothing else is on my credit report as far as I know (unless cell phones/utilities go on there, but my understanding is that they don't). We've been renting the house we live in now for 2 years, and never been late on rent (although my landlord doesn't have my social, so I'm sure it's not on our credit...but he'd be a good reference if that's something that is necessary). I've had the same job going on 6 years. We live in Akron, Ohio. A friend of mine is a Realtor, so he's been explaining it to me a bit, but he doesn't deal with the financial side of it--just the properties, so he couldn't really answer the questions I had. I want to know things like how much should we expect to be approved for? Based on that, how much will our mortgage payments be? How long does the loan take to go through? Once that's done, how long before we can move into the new place?
Edit: We should be able to put ~$5k down.
Edit 2: Just found out that in Ohio, you can get a grant of 2.5% of the cost of the house if you've graduated college in the last 24 months, which my wife has. Schwing!
If any other information is needed, I'll gladly provide it. Thanks in advance.