However, the normal background and credit checks will almost always weed out undesirable applicants. 

And also what’s the minimum credit score you would need to qualify for the fha loan ?

Yes they transfer to the new owner as either a credit on the closing documents or a separate check.

I just finished the chapter on using home equity loans or lines of credit. 

@Sam LLoyd the loans I qualified for online with my credit score were around 4.5% some around 5% a couple around 4.3%.

Also, do I do that for all credit cards or just mine and keep my wife’s going for a chance to save her credit score?

Save all of the money you can and then when you turn 18 try to start building your credit.

Listing this as a problem because I don’t want to be over eager and lower my credit score unnecessarily.

Some benefits are that they obviously require a lower down payment, and lower credit scores are permitted, etc.. 

Lowes often puts their flooring on sale, so we saved that way + using a Lowes credit card to save an additional 5%.End results of how the flooring turned out in our unit can be seen in my profile.Best of luck with your reno!