If you understand negative items on your credit files or a bad credit score will hurt your capacity to obtain a standard home mortgage or influence your price, a Federal Housing Administration (FHA) mortgage may be a choice for you. FHA loans have less complicated underwriting requirements for customers who have little down payments, reduced credit scores, or both. The minimum FICO credit report for an FHA loan is 500 or greater. If your rating is at the very least 580, you additionally need at the very least a 3.5% deposit. You can still get accepted for FHA funding with a credit report less than 580 and to 500, but you'll need a bigger deposit of a minimum of 10%.