Any score below that will results in a 10% down payment. The eligbility requirements for an FHA loan include proof that you’re financially able to pay your mortgage and its insurance each month. If.
If you’re thinking of buying a house, it’s worth seeing if you qualify for a Federal housing administration loan. The FHA is an agency within the U.S. Department of Housing and Urban Development (HUD).
To qualify for the FHA Program you must earn enough income to afford the mortgage amount you want. This is because FHA program guidelines apply a maximum debt-to-income ratio to determine what size loan you qualify for.
Even borrowers with a credit score as low as 500 can qualify for an FHA loan ( they're expected to make a down payment of 10% of the total.