FHA loans are designed to make homeownership more accessible, so they’re often a great option for those with less-than-perfect credit. To qualify for an FHA loan, you typically need a credit score of at least 500. The minimum score required depends on your down payment amount.
If your score is between 500-579, you’ll need to put down at least 10%. For borrowers with a score of 580 or higher, you can qualify with a lower down payment of just 3.5%. Keep in mind, lenders may have their own additional credit requirements, which could be higher than FHA guidelines. It’s also important to work on improving your credit score, as a higher score might help you secure better loan terms.
The minimum credit score you need for an FHA loan is typically 500 with a 10% down payment. A higher credit score may allow you to qualify with a down payment as low as 3.5%. If your credit score is below 500, you may want to consider a mortgage co-signer.
Credit score | Down payment |
580 or higher | 3.5% |
500-579 | 10% |
Below 500 | Talk with a lender to learn how to qualify for an FHA loan. |
It’s important to note that while the Federal Housing Administration (FHA) sets credit score minimums, lenders may have their own requirements. Some lenders, for example, may require a higher credit score to manage their own risk. Shopping around for a lender that works with your credit range is key.
A poor credit score does not mean you can’t apply for an FHA loan. You may have to provide a larger down payment or accept a higher interest rate to off-set the additional lending risk. To get started, find a lender who specializes in FHA loans. They can help you understand your options and verify your eligibility. If your credit score is lower than the recommended minimum of 500, here are some steps you can take before applying:
Connect with Zillow Home Loans to learn more about our FHA loan options
FHA loans aren’t the only mortgage option. If an FHA loan isn’t the right fit for your needs, you may consider other loan programs. Here are the minimum credit scores for other popular loan types:
Each loan type comes with its own benefits, so exploring your options can help you find the best financing solution for your situation. Comparing different loan types and criteria can be a helpful “big-picture” exercise for prospective homebuyers.
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