According to the 2022 FHA loan requirements, borrowers must have a minimum FICO score of 500 and prove (1) they’re employed, (2) they have a steady income, and (3) they don’t spend more than 43% of their monthly income to settle outstanding debt like credit card bills. They must also use the property being financed as their primary residence and pay a mortgage insurance premium (consisting of an up-front payment plus monthly insurance payments).