Qualifying FHA or Conventional, possible rental of current house

[nolimits]

Last house I bought (and sold) was early 2000's.  

I did an 85/15/5 conventional loan.  Only had to put 5% down.  Minimum 680 credit score required at the time.  

I know for a while you could do 100% loans 80/20's is what they were called, but I think they had 700+ score requirements.

[Anonymous]

Can I assume that buying a house with my credit and her income is not possible?

[tooleman694]

I think you can do it right now. with FHA.

[JM-AM]

You will need to shop lenders real hard. I have no lenders qualifying with a 610 score in my office for FHA. Minimum score through any lender I deal with is 620.

[Anonymous]

---

@tooleman694 wrote:

I think you can do it right now. with FHA.

---

Do you know anyone who has been succesful with using one's credit score and their spouses income?

[violetsmom]

---

@Anonymous wrote:

---

@tooleman694 wrote:

I think you can do it right now. with FHA.

---

Do you know anyone who has been succesful with using one's credit score and their spouses income?

---

Pretty sure this is impossible...

[tooleman694]

You need to get her score up a bit, how many credit cards does she have.

[JM-AM]

Only if the spouse is on the loan.

Then they have to qualify with all the qualifications not just income.

[Anonymous]

---

@tooleman694 wrote:

You need to get her score up a bit, how many credit cards does she have.

---

None. She just has her bank card (Visa check card). No loans either since the car and house are under my name only.

If I get her a credit card on my account will they report to her credit score? I have a US Bank Cash+ card

[tooleman694]

Your Wife needs to get like 3 credit cards, that should give you the points needed.