Mortgage loans with credit score under 600?

Me and my husband are searching for home loans (were first time home buyers) but I discovered our credit scores aren’t the best (both of ours are under 600). I keep getting rejected for the FHA loan because they require a minimum of 600. Does anyone know of a legit loan that requires a lower credit score? Thanks for your help! **Be sure to enter the URL or web address if you provide answers**!

Ok, here’s the deal. A few questions hopefully someone can answer in a DETAILED format and not some quick over the counter answer. Serious answers only please as this is a serious matter.

I’m a first time home buyer. I’ve been searching for homes for quite awhile putting in bids and losing by a couple thousand each time or even worse, to cash investors.

I’ve turned to looking at HUD homes because I don’t have to worry about offering more than the appraisals or cash investors getting involved until after the owner occupant timeframe, giving me a chance to MAYBE buy my first home.

Here are a few questions that I can think of that no one can give me a simple, for dummies answer.

Accepted offer. what if I get a home inspection and it reveals problems NOT listed in the initial property inspection report, can i back out without forfeit or will HUD pay for repairs or adjust their price accordingly?

How much will the net be if i pay all closing costs? The house is in Southern CA, $ 115,000. FHA loan.
3.5% down – $ 4,025
6% closing/commissions/etc – $ 6,900
Total out of my pocket – $ 10,925 (this number is not exact, just a hypothetical)
Will the net still be $ 115,000 because I’m covering ALL my closing costs or is there some other formula for finding out that number?

If a property doesn’t have a big sign saying $ 100 down payment incentive, does any HUD home financed through FHA still qualify?

I’m working with GMAC Realty and Wells Fargo Mortgage, do I still qualify for the $ 100 down payment incentive? Is there a list of some sort that I can see that will show all APPROVED lenders/agents that I can use?

Upon closing, will i be receiving the hud document with all signatures or will i have to inquire with an attorney, of my own or theirs, to have all paperwork sent to me?

I will appreciate it greatly for anyone in the community who can take the time and answer these questions to the best of their knowledge.

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