While FHA financing is more flexible in regard to credit scores than a traditional loan would be, my understanding is that the minimum FICO score to qualify for FHA financing is 620. That being said, my recommendation is to talk to a reputable lender to discuss your options. Perhaps they can take an average of your scores or offer you advice on how to raise the lower credit score before trying again. Certainly, the most obvious choice would be to get the mortgage using only the spouse with the 715 FICO score, that will change your price range however if you are dependent on two incomes. Many people struggle with credit issues, it is nothing to be embarrassed about, there are solutions and you can still buy a home.
I would be happy to speak with you and recommend some good lenders to work with to obtain your goal of home ownership. I don't make false promises, I just help people come up with solutions that
allow them to achieve their dreams.
I can be reached at (626) 487-3678 or by e-mail at email@example.com.