As I read through the various answers, there seems to be some confusion as to who's credit score is who's. As I read it, your score is 750 and his is 550. If that is the case, you may find it difficult to get a conventional mortgage using both your incomes. That would limit the size of mortgage you could get based on your income alone.
Ah, but do not dispare. I think I have a way for you to accomplish what your task. There are a couple of questions left unanswered though.
1. Are you planning to move to Georgia or are you looking for an investment property?
2. Are you both presently employed?
3 If you are moving to Georgia, do you have jobs in you same professions waiting here for you?
4. If you are looking for a property to use as a rental, have you researched how you are going the manage it. ( repairs, rent collection, possible need to evict).
Regardless of what your intentions are, I have a lender that I have worked with to get some pretty impossible clients financed. They are licensed to lend too Owner/Occupants. They also deal in financing investment properties. They are private investors who make loans to clients that have problems qualifing for a convential loan.
If you are looking for a home of your own, they will lend up to 12 years. If you are interested in buying an investment property, the will lend up to 3 years. They do not consider your credit score, but concentrate on you income and ability to make you payments. That being the case, they will consider both you incomes to determine the size of a loan that you can handle. They do not have a pre-payment penalty clause in their mortgages or investment loans. They will require a substatial down payment and their interest rate will be higher that a conventional lender.
It may sound a bit expensive at first glance but here are some things to consider. In todays real estate market you can aquire a home for @70 cents on the dollar. So if you buy a home that sold for $100,000 2 or 3 years ago, for $70,000 you have a potential equity of $30.000 in that home when and if the market recovers. Most all Realtors and Real Estate Counsultants will agree that this is the time to buy. Over the past year there have been very substantial evidence that the market is improving, even though slowly right now. The extra costs of financing through a Private Lender would be more than offset by any increase in the value of the property that you realize as the market improves
Because there is no pre-payment penalty, you can refinance the property as soon as you are able to quality for a conventional mortgage or bank loan. Since your husband has the lower score, this would give him the time to get score up to where it needs to be to get a conventional loan.
The company I have worked with and found to be very accomodating is The Westmoore Group.
Here is their contact information if you choose to contact them and discuss your situation with them..
The Westmoore Group, LLC
Ph: (646) 801-6190
Fx: (646) 619-4291
I hope I didn't bore you with all the details but sometimes Private Lenders are given a bad wrap due to the interest rates that they charge. When you take all the circumstances into concideration, they can make you money in the long run
Good Luck in your endeaver and I hope you let us all know on Trullia just how you make out.