First time home buyer...Credit?Inerest?Down Payment?Ect..?

Okay... I'm a first time home buyer. My fiance and myself are wanting to purchase a home in the next 6 - 8 months. Our combined annual gross is 50k. She has just established credit w/ a secured credit card and an in store card. I advised her that it may be a good idea to finance a small piece of jewlery $100 -... show more Okay... I'm a first time home buyer. My fiance and myself are wanting to purchase a home in the next 6 - 8 months. Our combined annual gross is 50k. She has just established credit w/ a secured credit card and an in store card. I advised her that it may be a good idea to finance a small piece of jewlery $100 - 200. Just to generate 3 forms of revolving credit. I myself have a score of 530. I am in the process of paying off my collections $3400 and I also just opened up 2 secure credit cards and am also going to open an in store. If we keep the balances low, pay on time every time.
1. What kind of increase can we see in our scores? A lender informed me that a 620 is the minimum? We want to buy a house for around 70 - 110k.
2. After our credit increases what kind of down payment and intrest shoud we excpect?
3. FHA Loans? How long do we need to maintain healthy activity on our report to qualify
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