what is the lowest possible credit score to get an FHA loan?

Hi Caleb,Lowest mid FICO score allowed for an FHA is 550-579 and requires a 10% down payment. Ted

If you want to take advantage of the low 3.5% down payment you need to have at least a 580 mid fico score. Credit scoring for a mortgage loan is a little different then for some other types of loans, so I highly recommend you consult with a mortgage broker licensed in your State and see how you qualify at this stage. An experienced mortgage consultant can give you excellent tips on how to get to where you want to be if you fall short on getting the loan you want. They might guide you to the least costly route to get there!

Most lenders will go down to 620, however it is possible to find a lender who may have no overlay guidelines and use FHA minimum scores, and I believe Ted and Larry have done a good job explaining the information.

Most lenders offer a 580 credit score for FHA loans; you will also have to meet the lenders guidelines. I hope this helps. Jesse Stroup | California Mortgage Professional | www.JesseStroup.com | NMLS# 6229

FHA guidelines state you have to be at or above 500, but if your below 580, you will need 10% down. Also understand that FHA does not lend money.. they only insure loans against default.. the lenders, or those with the $$ will oftentimes have their own set of rules above with FHA calls for.. it's these "Overlays" that make lending programs vary one lender to another.. so one lender might require a mid score of 620, while another might require 580.. Also understand that the lower the score, the more strict the "Overlays" will be, and few that apply actually get approved.. It takes so much more than a credit score to qualify, that without looking at your complete loan profile it's impossible to advise you.. BK? Short sale? Foreclosure? unpaid student loans? unpaid taxes? judgement? Collections?, etc, etc, etc.. you could have a 700 credit score yet with one of these credit deficiencies, you still might be denied.. For this reason, I suggest you contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347