Patti-
First off let me tell you that there is not a minimum score requirement for an FHA loan. Yes, many lenders have implemented such requirements internally but this is not the case for everyone. Currently Bank of America Home Loans does not have a minimum score requirement for either FHA or VA loans. That is not to say that having a higher score doesn't help tremendously but only to say that we don't lump everyone into the categories of either Good or Bad. Everyone has their own individual circumstances which are looked at individually when qualifying a loan.

So that being said. Yes, your daughter can absolutely be on the loan with you when buying a home with an FHA loan. Her credit score is fine in my opinion but I would have to see it more detailed to tell you for certain. Plus, I am not sure what your scores are. Any loan product will use the lowest middle score of any of the borrowers.

As for the VA loan, your daughter cannot cosign on that as it is is limited to the veteran and their spouse. However, VA would probably have a lower payment since there is no monthly mortgage insurance so that may be a viable option.

I hope all of that helps. I know qualifying for a mortgage can be frustrating.
If you have any questions, please feel free to give me a call.
Luke Allison
Bank of America Home Loans
828-777-8828
luke.allison@bankofamerica.com

With your daughter, you may still be eligible for an FHA loan. I would need more details.
As for your score, it depends on a number of things, such as what else is on the CR (derogatory items). If you have closed the accounts, not just paid the balances off, you will probably need to establish new credit and use it to improve your score if there are not other issues that can be addressed. Your scores will rise over time. I can help with specific recommendations and other strategies by analyzing your credit report for ways to improve your score. More specific information is needed. (Call or email.)