Is it possible to use household income when securing an FHA loan?

If you want to use her income, you have to use her credit... them's the rules... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

FHA will only consider the income of the borrowers on the loan. The big question is why is her score too low, and is it something that can be fixed easily. Many times the answer is yes. I just closed escrow today on a borrower that had a 485 mid score in January. There was a lot of old garbage on the report that needed to be cleaned up. It took a couple of hundred dollars to clean up some and the rest was just knowing what to do to remove it. A 652 mid score last month allowed for the closing today. Yea! Work with a local Mortgage Banker/Broker. I'm not licensed in TN, but Julie Arnold indicates she can help. I'd take her up on her offer. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

How low is too low? I specialize in helping people bring their credit scores up with a program called Rapid Rescore. I'm also located in Brentwood.

Also we've just rolled out a new FHA program where the scores are 40 Pts lower than our competitors. You can contact me direct at jarnold@peopleshomeequity.com

You can only use income on an FHA loan if you are using that borrowers credit. A good loan officer should be able to help you improve your wifes credit score in a reasonable amount of time and then you can use her income.

No, but with some work you can probably increase her score so that her income can be counted. There is some great info about credit at the Federal Reserve website: http://www.federalreserve.gov/consumerinfo/default.htmOr, email me at pdumouchel@primelending.com and I'll send you some general suggestions.