Credit scores between 500 -"basically bankrupt," one lender. Our investors are at 660 minimum." Lemar Wooley, an FHA spokesman in Washington, D.C., said the guidelines are "relatively new." "Prior.
In order to qualify for an FHA loan, you must have at least a 500 credit score – however, a credit score of 580 is the tipping point between having to make a 10% down payment and being able to make a smaller 3.5 percent down payment.
A 620 credit score is lower than the loan’s previous minimum of 680. Even so, you could find yourself several points shy of the minimum guideline. If that’s the case, check out FHA home loans insured.
Government-backed loan programs – FHA, VA and USDA – generally have lower credit-score requirements than conventional mortgages. But it’s the lender that ultimately decides what the minimum credit.