It's ugly. I'm not going to lie. But the fact is that we are moving because my husband just got a great new job, where he will be making almost double what he makes now...and buying will save us a tremendous amount of money (renting a home in Gillette, Wyoming is quite a bit more expensive than buying).
I don't care at this point if my APR is a zillion percent. Or 6%. But I want to know if you think there is anyone drunk enough to lend to us. We never miss rent and we will never miss mortgage payments.
My dad is willing to cosign or co-buy, whatever we need. I'm curious if there is a chance we can do it without him. I'm doubtful. My dad's credit is excellent, damn near 800 and he has a whole ton of money in the bank, so his credit or reserves will not be an issue.
My husband doesn't have a credit score because his only credit history consists of a few old medical collections, some of which are not paid.
I am a veteran and could use the VA loan if I can get it. But I'm a stay-at-home mom with no income.
Unfortunately I don't think it's feasible without a cosigner. Your middle score is over 620 which some lenders would be able to work with, but your husband's lack of a credit file really hurts you. He would have to be on the loan since he is earning the income, yet without a score I don't think that can work.
As it stands, your father would pretty well have to do the loan himself and let you both pay the mortgage.
On the upside, if your husband opened a few lines of credit and kept them active & paid up he would get a credit file within 6 months. That's probably not really helpful given your situation, but the process has to start somewhere.
co-signers can only add income.... they DO NOT make up for credit deficiencies, period.
find a loan officer who can do a manual underwrite FHA and will take alternative trade lines.
alt trades = rent, utilities, ect