Credit accounts for FHA

[MOMO30]

Hi to all out there to all me and hubby are hoping to buy  Aug 2010 if our scores allows us. Ive read that for fha you need three different credit accounts in good standing for 12 months. Being that its a joint loan do we both need three accounts or just three in total between the two of us. As always thanks in advance!

[ShanetheMortgageMan]

3 trade lines at 12 months for each borrower - borrowers who share joint accounts on their credit can use that account to meet both applicants requirements.  It's also not every lender who requires this, most of the time if you are able to get an automated underwriting approval (which is how majority of FHA loans are approved) the minimum trade line requirement is not enforced.