The FHA mortgage program has no set minimum score requirement to be approved for an FHA loan. Applicants with credit scores below 620 can go through a manual underwriting process to determine if they are eligible. The underwriting for home buyers with low or no credit scores evaluates the applicant on her credit history and may require some additional paperwork and documentation.
Standard FHA-insured mortgages require the home buyer to put up a down payment of at least 3.5 percent of the purchase price. This is one of the lowest down payment levels available for mortgages. To get an FHA loan with a 3.5 percent down payment, the home buyer must have a FICO credit score of at least 580. HUD increased
the minimum score for a minimum down payment FHA loan from 500 to 580 in January 2010.
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