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Home buyers should already know they need to establish the best possible credit rating. FHA loans provide great assistance to many first time home buyers by offering mortgage loans with lower down payments.

FHA Rates Near 50 Year Low!

Now is the time to drop the interest rate on your 30-year mortgage or refinance into a 15-year home loan.

FHA Rates for September 23, 2020
Are You Watching Your Credit Score?

NOTICE: Some FHA mortgage lenders are substantially raising FICO score requirements during the Coronavirus crisis, even though FHA minimums remain unchanged.


- Improving Your Credit Score Has Never Been More Important -

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FHA.com is a privately owned website, is not a government agency, and does not make loans.

FHA Credit and Your FHA Loan

Take the Steps to Review Your Credit

FHA Credit Score Requirements

FHA loan rules apply for all borrowers when it comes to basic minimum credit standards. The FHA loan requirements that will affect your transaction include FICO score rules, down payment requirements, and the basic terms of your mortgage.

You cannot be rejected for an FHA home loan on the basis of factors that have nothing to do with your financial qualifications, employment, income, being an owner/occupier, etc. A home may not be suitable for an FHA loan, a borrower may be denied the loan because he or she doesn't intend to live in the property as the primary residence, or because of factors that affect the economic life of the property.

Credit Requirements for FHA Loans

Credit Requirements for FHA Loans

FHA loans provide great assistance to many first-time home buyers by offering mortgage loans with lower down payments. While this is a benefit for many people, recent changes in FHA Loan credit requirements may have put the loans just out of reach for some would-be homeowners with questionable credit history.




Benefits of Having Good Credit

Credit Requirements for FHA Loans

Homebuyers looking to take advantage of great FHA loan benefits should already know they need to establish the best possible credit rating. FHA loan applicants with a better credit rating increase their options for mortgage or refinance loans.

In order to qualify for the low 3.5% FHA loan down payment, applicants will need a FICO® score of at least 580. Those that don't meet that criteria will have to put a down payment of 10% on the mortgage they want.




Improving Your Credit

Improving Your Credit

If your credit is less than solid, consider delaying your home purchase and work on improving their credit scores. Applicants who have a minimum credit score of less than 500 are not eligible for FHA mortgages.

While FHA loans are a great option for people buying a house, applicants can make the process even easier if they take steps toward ensuring their credit history is in tip-top shape. FHA advises prospective home buyers to approach the loan process with their best possible credit history to eliminate any potential risk of not qualifying.




Fixing Credit Report Errors

Fixing Credit Report Errors

Some borrowers who want to apply for an FHA loan find their applications held up by problems with what is on their credit report. Take proper steps to check the accuracy of your credit report with Experian®, TransUnion® and Equifax®.

Once you've gotten your report from the three bureaus, carefully examine your credit history for anything out of the ordinary, such as unauthorized loans taken out in your name, incorrect late payment records or anything that seems questionable, no matter how minor you think it is.




Identity Theft and Fraud in the News

Identity Theft Issues in the News

Now more than ever, it is crucial to pay close attention to your credit reports due to elevated security breaches, hacks, and security compromises. No major corporation is immune to these attacks-including the credit reporting agencies themselves.

We've listed a timeline of some of the most headline-grabbing hacks reported in recent years. Remember, these are only SOME of the incidents you may have heard about; each one is a good example of why it pays to continuously monitor your credit.




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FHA Loan Articles and Mortgage News

Preparing For Your Home Loan: Credit Issues

August 20, 2020 - If you are in the planning stages for a new FHA home loan, there are some things to keep in mind about credit. Is your credit ready for a major credit application? Some borrowers feel ready, others know for sure they are not.

FHA Loans, Missed Payments, and My Credit Report

August 17, 2020 - Can an FHA borrower get approved for an FHA home loan if there are missed payments on the borrower’s credit record? Do some payments count more than others? Your loan officer may be required to take specific steps to insure the loan is able to be approved.

Has Your Credit Score Dropped During COVID-19?

August 16, 2020 - Protecting your credit is more important now than ever and if you aren't sure what can hurt your scores, the first step to take is to start actively monitoring your credit with a service that can provide you comprehensive information about your scores.

Time to Get Started With an FHA Loan

August 15, 2020 - Are you thinking about your options for an FHA mortgage? Borrowers should spend plenty of time examining several aspects of their finances and credit before filling out paperwork or online forms to apply or get pre-approved for an FHA loan.

FHA Home Loans and Non-Purchasing Spouses

August 12, 2020 - When it’s time to apply for an FHA home loan, spouses often want to buy together--it’s a logical financial step for many couples, old and new. But not every couple comes to the FHA loan process with equal credit, employment history, or income.