Shane (nice name by the way), your calculations on the monthly mortgage payment are going to be a little bit off.
Assuming a 3.25% interest rate (4.247% APR), the principal & interest portion of the payment is going to be: $640.98/mo (that's a $144,750 loan amount + FHA's 1.75% upfront mortgage insurance premium = $147,283 loan amount)
Homeowners insurance estimated at $900/year, or $75/mo.
Property taxes (per the listing) are $4,181/year or $348.42/mo
FHA's mortgage insurance (at the current 1.25% calculation) would be $150.78/mo.
Total payment would end up being $1,215.18/mo.
Depending on what your other debt payments are (car, credit cards, student loans, etc.) your $55k/year of income may or may not be enough. For example (just making these numbers up) if you had a $400/mo car payment, $200/mo in credit cards, and $150/mo in student loans, and that was it... then you should be looking alright as far as the income is concerned. If you have much more payments than that, the debt to income ratio starts getting a little bit high, but still can qualify if we are able to get an automated underwriting approval.
Your credit score of 620 is fine for FHA financing with a lot of lenders, some are requiring a 640 score though. But it's not just about your credit score, it's also what is on your credit that is making your score 620 (vs., say, a 720 like your wife has). Generally for FHA financing you'll need 12 months of clean credit (24-36 months if you had a Ch 7 BK or foreclosure). If you have a copy of your credit report I'd be happy to review it to see if there is anything that would be preventing you from qualifying. Your wife's excellent credit doesn't offset your bad credit, but it can definitely help as a 'compensating factor' when the underwriter is reviewing everything.
Shane Milne | Lending in all 50 states | NMLS #81195
shane@thebesthomeloans | 949-273-4161 direct