Looks like you've received a good response to a portion of your question, but you also wanted to know if your husband should work with a bank or mortgage broker. I recommend a local direct mortgage lender.
Mr. Cundiff (below) also asked a good question about the reason for the lower scores, a conversation that really should be held offline. Experienced local agents, however, should be able to respectfully listen and learn about your general situation and then provide a list of direct local lenders who have worked with others like your husband and you.
Finally, you mention that you have lots of savings. That's wonderful! You should still find out about the various local home buying classes designed to teach first time home buyers all about the home buying process, including the requirements for an FHA, VA, USDA or other mortgage products that require little to no money down.
I'd welcome the opportunity to speak with you. When time permits, will you please call me at (678) 775-2677?
REALTORÂ® / HUD-certified Affordable Housing Counselor - Keller Williams Realty Atlanta Partners
I firmly agree with the answers given.
My office has several listings that are owned by Wells Fargo and my experience with them has been more than pleasurable. I would love to assist you and your husband in your search for a new home.
Yvonne M. Townes
Please click on link: http://www.structuredfinancenews.com/news/-216381-1.html
Wells Fargo has dramatically lowered credit score requirements for Federal Housing Administration (FHA) mortgages, the first major lender to do so following pressure from the agency and housing advocates.
Last month, Wells began accepting applications in its retail branches for FHA loans from borrowers with FICO scores as low as 500. Previously, it required a score of at least 600 for retail FHA borrowers. The minimum FICO score remains 640 at the company's wholesale and correspondent channels.
I agree with everyone. He can qualify for an FHA. Keep in mind, what he lacks in credit score can be made up with a substantial down payment. In this economy, cash is "KING". You want to do business with your bank or credit union if you have a good relationship with your banker. Otherwise, you do have other options such as a mortgage broker, etc.
Give me a call (404) 944-7352, let me guide you through the process to get the most for your money.
RRG of Atlanta
Have a Wonderful Day,
Keller williams Realty
If the FICO is above 600, most lenders can do an FHA loan with good income and assets.
The real question isâ€¦ What factors have been keeping the credit score that low?
Has there been derogatory credit in the last 24 months? Is there significant derogatory credit information in his past? Has there ever been a bankruptcy, foreclosure, collections, judgments, tax liens, or repossessions? How about late payments?
These are the major determining factors on credit that apply for a borrower with a score in the 600-640 FICO range.
Let me know if you have any questions, and I would be happy to help!
NMLSR ID 448285
Wells Fargo Home Mortgage
464 Cherokee Ave Se
Atlanta, GA 30312
Tel (404) 610-1011
Fax (877) 302-9968
Yes, there are lenders who will accept scores below 620.
A mortgage broker will have multiple lenders and banks to work with and therefore more options for you.
Cobalt Financial Corporation
Sr Loan Officer / FHA 203K Renovation / HomePath Specialist
Apply Online at http://www.rodneymason.com
Licensed in AL & GA
Prospect Mortgage can go down to a 580 on FHA. Call/Email if you want to discuss.
We are a direct lender.
600 Galleria Pkwy, Suite 170
Atlanta, GA 30339
Website Application: http://www.Paul-Hart.com