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Meeting first-time home buyer qualifications unlocks many benefits. With 10% down, your required credit score may go as low as 500. » MORE: Learn about FHA loan requirements VA loans: Down payments.
FHA Loan applicants must have a minimum FICO score of 580 to qualify for the low down payment advantage which is currently at 3.5%. If your credit score is below 580, the down payment requirement is 10%. You can see why it’s important that your credit history is in good standing.
How To Apply For Fha Mortgage Loan How Hard Is It To Get An Fha Loan · Federal Housing Administration, or FHA, loans require 3.5% percent down, which can still be quite a lot of money – for a $300,000 home, that’s $10,500. But, there’s an FHA rule that allows you to get around the down payment requirement in a way. According to FHA guidelines, you can receive a gift for the entire down payment.