FHA Home Loan Requirements and Eligibility Guidelines Would you like to buy a home but feel like your credit scores might be too low? You can still buy a home with the help of an FHA home loan. Federal Housing Administration (FHA) mortgages are the easiest type of home loan to qualify for. An FHA loan is a government-backed mortgage loan, insured by the U.S. Federal Housing Administration and is geared towards helping first time home buyers and those with potentially low credit scores. In this article, we are going to look at some of the eligibility requirements to qualify for an FHA loan.
Credit Score and Down Payment Requirements The general requirement to get an FHA-insured loan is a ten percent down payment and FICO score of 500 or higher. If the borrower has a 3.5 percent down payment it will require a credit score of 580 or higher in order to qualify. Income Requirements