Keep in mind that the FHA’s credit requirements cover more than just your FICO score; the agency also determines eligibility based on a borrower’s payment history, bankruptcies, and foreclosures. The FHA takes into account extenuating circumstances, such as job loss, that keep you from making timely payments, but willfully neglecting your debts can lower your chances of securing a loan. So despite the FHA’s more lenient requirements, it is important that your credit history is in good standing.
Do you know what's on your credit report?
Learn what your score means.