You should be alright, as long as an approval is attained through DU or LP (these are underwriting engines). The 793 credit score would be a compensating factor. I have had a few in the past that have closed that were in your exact situation.
Mr. Branch...In Georgia...How are Mortgage Brokers compensated? YSP is not a form of compensation for Mortgage Brokers? Please enlighten us, as you have criticized my answer, but did not leave one yourself.. Thank you for your input.
As stated above you have to use the lowest score to qualify. If you do not qualify with just your income, FHA allows a non-occupant co-borrower. If you had a relative that was willing and able, you would be able to use their income and credit score to qualify. This is an option a few of my clients have used with success.For your second question: Mortgage Brokers find a lender for you and take a fee to do so. This usually means that they will have a higher Interest Rate because they are compensated by YSP (Yeild Spread Premium). A lender, or atleast a someone who is a correspondent lender is, for the most part, your best option. Click Here for an article that explains Mortgage Brokers, and Banks.Good Luck!