However, it is important to keep in mind that your credit score also affects your down payment options. A huge benefit to FHA loans is a low down payment of 3.5%. To qualify for that minimum down.
However, some lenders are willing to extend loans to those having a 580 credit score or less. Remember, since the VA is partially guaranteeing your mortgage there is little risk to an individual lender to offer you a mortgage with a credit score that is less than picture-perfect.
A less-than-ideal credit score doesn’t have to keep you from buying a home. NerdWallet’s list of low credit score mortgage lenders can help you quickly decide which one is right for you.
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Credit Score for FHA Loan The credit score necessary to get an FHA loan depends on what you’re using the loan for. If you’re looking to get a home or do a rate/term refinance on your existing loan, you can qualify with a median FICO Score of 580 or higher.
580 Credit Score with a 3.5% Down Payment. The FHA will back a loan for borrowers with a 500 credit score and a 90% loan-to-value ratio, which is 10% down. Although FHA lenders do not have to go by the FHA’s guidelines, and most have their own minimum FICO credit score guidelines they follow.
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But 580 to 620 is in the "fair" credit category. If you have poor credit, your credit score is below 580. If it is, your best option is to try an FHA mortgage with a 10 percent down payment. fha loans normally require 3.5 percent down. But with a higher down payment, they may accept a credit score below 580.
The Lender’s Minimum Credit Score May Exceed FHA Requirements. So we’ve established two important numbers already – 500 and 580. The first number (500) is the minimum FICO credit score needed for an FHA loan in 2013. The second number (580) is the score you need if you want to benefit from the 3.5% down-payment option.
Getting an FHA Loan With a Credit Score of 600, 620, 650, etc. Let’s get down to the nitty-gritty. Here’s what you need to know about qualifying for an FHA loan with a credit score in the 600 range: HUD has two official cutoff points for borrowers who use this program.