Licensned in 43 states not just Illinois, I work for a direct lender in the mortgage industry who offers conventional, FHA VA, and USDA loans. Are lowest score we accept for government loans are 550 when most lenders require a 620 and brokers a 580. You have to have two years of income with a score over 550 with bankruptcies discharge date 2 years and over. We have basic guidelines and a pretty easy process. Feel free to text me or call me anytime up to 10:00pm Eastern with any questions.
Brian Young 214-797-3479
They will go by the lowest score of the two. If you got your score online, it is not accurate at all you could be at a 580 when a lender pulls it. If a lender gave you a 560 score there may be a way to improve it 20 points to get you to a 580..
Most lenders nationally will want you to have a FICO of 620 or higher. While there are programs available that go down to 580, I think it is in your best interest to work on your credit score and obtain the best loan possible once it has risen.
Another suggestion you may want to look into is a credit union or portfolio lender where they essentially make their own credit guidelines.
Sorry but I'll be honest, the odds of you getting a loan will be almost zero. However, with that said, you will not know till you try, go to your bank, any will do, and ask to sit down with the loan officer, they will pre-approve you in about 20 minutes, or give you advice on what to do to bump that score up.
Did I read this right your wife is unemployed? If so she doesn't have to be employed as long as you make enough to cover your bills and the loan. They will go by the lowest credit score which is yours in most cases.
You need to bring your score up, there are companies that can help but most charge a fee and more than a few are un-reliable. The best would be to talk to a lender that can guide you in how to raise your score. Google information on raising your score without paying someone to help. Here is one example: http://www.washingtonpost.com/wp-dyn/content/article/2010/07
There are many more take some time and do your homework educate yourself on what you can do yourself.
You should meet with a local and trusted loan officer and have them pre-qualify you at no cost. Without a job the credit score isnt really an option. Yours is lower than most prograns call for but putting more money down or getting guidance to improve your score would be best