FHA Home Loans in Florida


FHA Home Loans in Florida

What credit score do you need to buy a house with an FHA loan?

The answer is. It depends on who you ask.

FHA announced a policy change to address risk and strengthen finances. FHA changed the minimum credit scores for new borrowers:

  • Borrowers are required to have a minimum credit score of 580 to qualify for FHA's 3.5% down payment program
  • Borrowers with less than a 580 credit score will be required to put down at least 10%

FHA makes the rules for loans they will insure and the minimum credit score to buy a house with an FHA loan is 500. In the old days, FHA did not have a minimum credit score requirement.

FHA minimum credit score for major banks

All the major banks Wells Fargo, Bank of America, Chase, Citigroup, etc. have minimum credit score requirements for FHA loans. When you apply for an FHA loan at a major bank and they tell you their minimum credit score requirement is 640. This does not mean that it's FHA's minimum credit score. It means that it is the bank's minimum credit score requirements.

After the financial crisis of 2008 all the major banks raised their standards for approving an FHA loan. Because the banks make the rules for loans they will approve they may require a minimum credit score of 640 for their loans. These guidelines are the bank's guidelines. What this means is that all the major banks including Wells Fargo, Bank of America, Chase, Citigroup, etc. make the rules for the loans they approve.

Credit score needed to buy a house or refinance. FHA changed the minimum credit scores for new borrowers:

New borrowers will now be required to have a minimum credit score of 580 to qualify for FHA's 3.5% down payment program.

New borrowers with less than a 580 credit score will be required to put down at least 10%. The minimum credit score for an FHA loan is 500.

This change went into effect in 2010. This allowed the FHA to better balance its risk and continue to provide financing for home ownership.

FHA loans require a minimum 500 credit score to buy a house or refinance.

FHA Home Loans in Florida

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FHA Minimum Credit Score Needed to Buy a House


On January 20, 2010 FHA announced a policy change to address risk and strengthen finances. FHA changed the minimum credit scores for new borrowers:

  • New borrowers will now be required to have a minimum credit score of 580 to qualify for FHA's 3.5% down payment program
  • New borrowers with less than a 580 credit score will be required to put down at least 10%
  • This allows the FHA to better balance its risk and continue to provide access for those borrowers who have historically performed well
  • This changes went into effect in 2010

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