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Are you both joint on all the credit cards?
It just seems still like there is something else on his reports hurting his score to be sub 620. Those collections are over a year old and shouldn't be hurting his score that much. Is there anything else derogatory on his credit report such as a tax lien, judgement, or other public record? What are your husband's positive trade lines?
I still have not gotten an answer about how much you make gross without your husband's income and the home price you are looking at purchasing. You may be able to qualify on your own. For a $100K home, you would need to make at least $25K a year gross, and $50K a year gross for a $200K home (as an example).
Also, please visit the rebuilding forum here to learn how to write a GW (Goodwill letter). You will need to write a goodwill letter to the collection agency to get those collections removed. Also what is the Date of First Delinquency (DOFD) on all those collections? In other words, when were they first reported? It might be easier to wait for them to fall off if they are scheduled to delete soon.
While very few lenders are still approving sub 620 loans, it will become increasingly difficult to find them after June 1st as the FHA rules are changing and will require loans for those with sub 620 scores to be manually underwritten and a recommendation letter from a LO or Broker will be required. Even those who approve 620 loans can be hard to find. The industry standard is a 640 score. My lender required a 660 for FHA.
Lastly, how much do you have for a downpayment and when are you looking to purchase?
It just seems still like there is something else on his reports hurting his score to be sub 620. Those collections are over a year old and shouldn't be hurting his score that much. Is there anything else derogatory on his credit report such as a tax lien, judgement, or other public record? What are your husband's positive trade lines?
I still have not gotten an answer about how much you make gross without your husband's income and the home price you are looking at purchasing. You may be able to qualify on your own. For a $100K home, you would need to make at least $25K a year gross, and $50K a year gross for a $200K home (as an example).
Also, please visit the rebuilding forum here to learn how to write a GW (Goodwill letter). You will need to write a goodwill letter to the collection agency to get those collections removed. Also what is the Date of First Delinquency (DOFD) on all those collections? In other words, when were they first reported? It might be easier to wait for them to fall off if they are scheduled to delete soon.
While very few lenders are still approving sub 620 loans, it will become increasingly difficult to find them after June 1st as the FHA rules are changing and will require loans for those with sub 620 scores to be manually underwritten and a recommendation letter from a LO or Broker will be required. Even those who approve 620 loans can be hard to find. The industry standard is a 640 score. My lender required a 660 for FHA.
Lastly, how much do you have for a downpayment and when are you looking to purchase?
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! 
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