FHA Home Loan Guidelines
FHA Credit Requirement
The FHA Guidelines on the minimum Credit Score needed by a borrower to insure a loan is 580. The majority of FHA Lenders require between a 620 and 640 score for FHA mortgages.
FHA Loans require a minimum downpayment of 3.5% if you have a credit score of 580 or higher. If you have a score of 500-579 it may be possible to get approved with 10% down.
Conventional vs FHA Loans
We compare the Pros and Cons of both conventional and FHA loans. FHA Loans are easier to qualify for and require a low downpayment while conventional loans could save you money over the course of the loan.