Can my wife and I purchase a home with a 550 credit score and 640 high score?

Hey Gary... there's more to financing than just the credit score. I am a local mortgage broker, and we do have a program where you can borrow via FHA with credit scores down to 500, however the guidelines are very strict. The best advice I can give you is to contact me or any other local mortgage broker, not a bank, and apply with them... Once we see your complete profile, we can be more accurate in determining if you have a shot. We also have access to numerous lenders and can find the right loan product for your particular scenario. WilliamAcres.com

We are a local mortgage banker and I wil;l be able to look into this for you if would like. You can reach me at 602-531-7040 or jafonso@azhomerates.com

Possibly. Buying a home and obtaining a loan is based on many things, and credit is only one of them. Although score is important, why the score is where it is at is probably the bigger concern. My advice is to contact a local Mortgage Banker/Broker, like me, rather than one of the big banks. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. He/She will have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, He/She is trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com