How is it possible to get an FHA loan when one person has no credit?
We were pre-approved for an FHA loan for up to $ 320,000. One of us has great credit and makes 58,000$ a year and the other one makes 55,000$ a year and has no credit. We have more than enough for the down payment – that is not a problem. We were approved through a mortgage broker and were trying to look into other brokers so we would have more options but no one else can pre-approve us because one of us has no credit. If no one else can pre-approve us then how were we approved through the first broker? Does anyone know how this kind of thing is done so we can tell the other brokers how to approve us? Apparently the first pre-approval is valid since we have been approved for a mortgage through them (we were just looking around to see if we could get better rates).
What I meant to say in the last sentence was that we were offered a mortgage through the agency where the broker was able to pre-approve us. I would consider this proof enough that the pre-approval was valid.