What are the chances of getting a mortgage with the following characteristics?

we have a possible great chance to buy a nice house for 60k, i make 26k a year and my credit score is around a 620. my husband makes around 40k but his credit is shot; so i will not be using him. we have no down payment what do you think or feel we can or should do? Any help would be great....thank you so much :-)What are the chances of getting a mortgage with the following characteristics?
You sound like a candidate for FHA. They're government insured mortgages and can be had with very little down payment. They're more expensive than ';conventional'; loans but FHA is almost certainly the way you're going to have to go. Talk to your bank or a good mortgage broker.





BTW, you might be able to use your husband's income as well. It depends on what you mean by his credit being ';shot';. FHA is pretty flexible as long as it's old stuff.





Hope this helps.What are the chances of getting a mortgage with the following characteristics?
Well if you can not come up with the 3.5% for a down payment for an FHA loan (this can be a gift from family) the other option depending on where you are looking to buy would be a USDA loan.