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What is the minimum credit score for fha

by melissa.wartman184 from Uniontown, Ohio. Jan 1st 2016 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,041 contributions

FHA's minimum credit score is 500 (Mid score of all 3 bureaus), however if your score is below 580, then you will need 10% down for FHA... Also, understand that FHA does not lend money.. they only insure loans against default.. the lenders, or those with the $$$ will oftentimes have their own rules above what FHA calls for.. it's these overlays that make the guidelines different from one lender to another.. so, even though FHA will allow 500, most lender want to see 640 or above, with some going down to 600, and maybe a handful going below that.. Also understand that it takes more than a credit score to meet eligibility requirements.. I've seen borrowers with a 700+ credit score get turned down because of a credit deficiency, so just having an acceptable score is usually not enough.. For this reason, i suggest you contact a local mortgage broker and let them look at your complete loan profile.. since brokers deal with numerous lenders ( i have 21), then you have a greater likelihood of finding that one lender that will accept your lower score..i'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Jan 1st 2016
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Jericho Cherry (Jerichocherry)
#58 ranked lender in Virginia - 1,107 contributions

Even though FHA minimum credit score is 500. Each Lender set their own criteria for miniimun score.

Jan 4th 2016
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,565 contributions

FHA does NOT do loans. Lenders do. Regardless of what FHA says that may allow, you still need a lender to actually do the loan. If your middle credit score is below 620, expect to have an very difficult time getting an FHA loan. Even for lenders who say they lend down to the lowest FHA allows, there is usually other things in the file when your score is below 620 that will kill the file.

Jan 4th 2016
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