First off, I am sorry for the circumstances in which have led you to this point but it sounds like you are headed back in the right direction so congrats to you. I have a new baby too (almost 6 months) and it is amazing how the little turkey can bring so much joy despite the stress and lack of sleep. ;)
620 is typically the minimum score to finance an FHA loan without upfront fees which it does not sound like you are able to swing so I would be a little leery of going that route. I suppose there may be a way to add the additional fees into your closing costs paid by the seller but make sure you have an excellent lender that you trust if you go that route because I have yet to see this work out as expected in my personal experience.
OHFA down payment assistance requires a minimum of 640 and has income restrictions of around $67k for a family of three, I believe. They will pay your 3.5% required FHA down payment and you could ask the seller to pay your closing costs up to 6%. This means that you could get in to the house for $200-400 (if that) after all is said and done if everything fell into place. There are no confines on the location of the home either which is a plus.
Community Action also offers down payment assistance but they do require you to put 1% of your money down and they have more stringent income restrictions (closer to $43k for a family of three.) They also require you to be in targeted areas. Some targeted areas qualify for different amounts as well.
Either way, you will need to have some money available upfront to pay the earnest money deposit ($500 would probably get you by based on the info you have provided) and appraisal ($400-475 and your lender may let you pay this at closing). If you use the bond money from OFHA there will also be a compliance fee of $150.
Now you are probably wondering how you end up only paying $200-400 out of pocket with all of these upfront expenses, right? You will get some money back at closing if you pay all of these fees upfront. It isn't much different if you go to rent, you will still be out deposits so this is definitely a better deal for most.
There are other types of programs available to help you cut costs, like a HUD184 loan if you are Native American or the Affinity program offered by BOK for employers of Chesapeake, Integris, Devon and some of the larger companies locally. Different lenders have different experience in each program so it is smart to talk to a Realtor to help match you up to someone who is well versed in the program that fits your needs.
I would be happy to help you do just that. Call me at 405-365-5320 if I may be of assistance. Also, you might check out my blog under resources for buyers so that you can educate yourself on the buying process.
Michelle Foy Belknap
If you are interested in looking at options to boost yours and your boyfriends credit scores, my company offers this service.
Best of Luck;
CEO & SR Credit Repair Specialist at
Everlasting Credit Repair
I know of a couple possibilities for down payment assistance.
1) OHFA ( Oklahoma Bond Money) http://www.ohfa.org/HomeBuyers.aspx
2) Oklahoma Community Action http://caaofokc.com/index.php?option=com_content&task=vi
Look into these programs, they may be of help.
You may need a minimum credit score of 640. I work with some great lenders who can help you get to where you need to be. They will run your credit scores and advise you free of charge.
Please feel free to contact me if you have any questions. I'll be glad to help.
Keller Williams Realty Elite
If this is an interest to you contact me:
405 413 0791
Keller Williams Elite
Supreme Lending guidlines are 640 for USDA Loans. You can apply on the website at:
If you want you can call me for further assistance at 912-977-9671.
I would first recommend looking at other lenders.There are lenders who are able to qualify buyers with lower than 650 credit scores. I could give you a list if you would like. Also there are down payment assistance programs available, however most of them will require at least a 640 credit rating. Worst case scenario you guys could rent until you can get to a position where you can purchase a home. My contact information is below feel free to contact me with any questions.