Technically, the minimum credit score requirements for an FHA loan is a 500 credit score fico score. However, in order to qualify for a 3.5% down payment, you must have a credit score of at least 580. If your credit score is between a 500-579, you may still qualify for an FHA loan, but will be required to put 10% down.
The resulting effect on credit score requirements: borrowers with a 500-579 credit score qualify for an fha mortgage loan, if.
First Time Home Buyer Fha FHA Down Payment Grants for 2019. The FHA Loan is the type of mortgage most commonly used by first time home buyers and there’s plenty of good reasons why.. A good FICO score is key to getting a good rate on your fha home loan. fha Requirements Credit Benefits Improving Credit.Conventional Loan To Fha Refinance Fha Loan Closing However, fha mortgage insurance is required for all FHA loans, regardless of down payment size or credit score. It comes in the form of both an upfront charge that’s paid along with other closing.