Hi Shawn,

You are very close to being able to obtain an FHA loan! The credit score requirements are less strict than conventional financing and FHA only requires a 3-1/2% down payment. I agree with Jimmy Williams that you should contact a mortgage broker for assistance. A good one will be able to educate you about available loan programs. If you don't have the 3-1/2% down payment, there are down payment assistance programs that can help such as SHIP and USDA's Rural Housing program (restrictions apply to both programs).

I hope this information helps you and wish you all the best in the purchase of your new home!

Patti

Patti Baesch
New Home Consultant - Orlando Division
Loch Leven Community
K. Hovnanian Homes
pbaesch@khov.com Email
407-937-2499 Direct
352-383-3771 Fax http://www.khov.com/LochLeven Web

Hello Shawn,
My name is Frank Olguin, Mortgage Banker for AmericaHomekey Inc, based out of Fort Lauderdale FL. My firm specializes in cases like yours and I highly recommend you contact me to get your file started. You can apply on your own, if you have had an income for the last 2 years, because your middle score of 622 already qualifies you. If you don't have the income, then we need to get your husbands credit score at least to 620. We do this by using an internal free credit repair program (called Power 4 Purchase). Time frame is anywhere from 1 to 6 months, with the average customer at 3 months. Plus, it sounds like you are a first time home buyer, so you automatically qualify for the $8,000. tax credit if you buy this year. Call me for more details. 561-386-9731. Folguin@americahomekey.com.

Shawn,

I also will recommend contacting a mortgage broker, the couple I use help work future clients through the process of rebuilding, their main focus is to help you buy a home using them as you mortgage broker unlike these companies that charge you money for performance.

If you don’t have a Realtor helping you take time to explore my profile located here on Trulia: http://www.trulia.com/voices/profile/Real_Estate_Pro-Orlando…

Dave Lowe, Broker Two4One of Orlando
GRI – ePRO – GREEN (Designations)

Hi Shawn,

My advise is to contact a mortgage broker that can guide you to restoring your credit scores. This might take several months, so patience will be the key to your success. I will refer you to some of my trusted sources, my contact information is on my website.

Sincerely,

Jimmy Williams
Coldwell Banker Tyre & Taylor Realty, Inc.
2765 S. Bay Street
Eustis, Fl 32726 http://www.jimewilliams.com
capstonejw@hotmail.com