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Can me and my wife obtain a loan? Low fico scores.

Me and my wife are interested in obtaining a small mortgage in the spring of 2013. My current credit score is 550 and her current score is 543. I know we have terrible scores and that we need that magic number of 640 to be FHA. Our debt to income ratio is zero, we do not owe any bills what so ever and have no secured or unsecured debt in our names. Our combined income is $45k per year and We will be putting $40k down in cash and would need roughly a $20k loan. We live in Michigan and are curious if there are any loan companies/brokers willing to take on our loan or any suggestions we can get from any loan professionals.
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November 26 2012 - Rochester Hills
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Answers (1)

There might be something for you...a lender pitched me a loan product the other day where he said people with 500+ Ficos could apply for an FHA product with them.  Unfortunately I cannot tell you more than that, but I hope a loan officer in your area can help you out.

Best wishes from So-Cal and good luck
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November 26 2012
 
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