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what scores combined would my wife and I need to qualify for a fha loan

We are looking for our first home in the Cranford NJ area, thinking of the 350-400k range...my scores are 642-623-595 my wife is in the 600 range, wife has salary 110k per anum. I have stated cleaning up our credit as it took a header after my business went belly up and I had a medical issue. we will have 5% to put down
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August 09 2012 - Cranford
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Not combined you each will have to have ideally 640 or more some mortgage brokers can get you loans with 600 + but the interest rates will be higher. Yet you can buy down points.
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August 09 2012
A wonderful resource for improving your credit is www.myfico.com. I was able to improve our scores by about 140+ points in about 6 months. You can read and learn a lot, but more importantly you can ask specific questions on how to deal with your negatives. Good luck!
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August 09 2012
This question is best answered by your lender.  Talk with at least two mortgage brokers who can search your financial profile and advise you what to do.  Good luck!
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August 09 2012
620 or better.
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August 09 2012
 
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