FHA advises prospective homebuyers to approach FHA loans with their best possible credit history to eliminate any potential risk of not qualifying.

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FHA.com is a privately owned website, is not a government agency, and does not make loans.

FHA Loan Tips for Improving Credit

Track Your Credit Score and Stay on Top of Problems

FICO Scores Influence How Much FHA Down Payment Is Required

While FHA loans are known as a great service for people looking for help buying a house, applicants can make the process even easier if they take steps toward ensuring their credit history is in tip-top shape. The agency advises prospective homebuyers to approach FHA loans with their best possible credit history to eliminate any potential risk of not qualifying.

Whether you're looking for a loan to mortgage a new house or to refinance a house you already own, it makes the most sense open up all your options with an optimal credit rating. The FHA recommends having a satisfactory payment history of at least one year before applying for a loan.

Credit Tips for Your FHA Loan

Here are some tips to help you on your way:

  • Take a Close Look at Your Credit Reports
    You don't know what could be hurting your credit score unless you actually check. Get your credit reports from the three national credit bureaus--Experian, Equifax and TransUnion--at no cost and comb them over for anything suspicious or questionable.
  • Dispute Inaccuracies
    If you find errors on your credit report, notify the reporting bureau in writing so you have a record. Provide any additional records or evidence you have to support your dispute.
  • Find Professional Help
    The FHA recommends applicants with credit problems get help from a Consumer Credit Counseling program. A credit counselor can help you get back on track.
  • Bankruptcy / Foreclosure
    If you've suffered from a bankruptcy or foreclosure in the past few years, you might still be able to qualify for an FHA loan. Develop a satisfactory payment history, re-establish good credit and meet the other FHA requirements.

While your credit history is just one of the many factors that make up your eligibility for an FHA loan, it is no doubt one of the most important. Having a higher score not only helps you qualify, you can also benefit from the low 3.5 percent down payment on mortgage loans available to applicants with a FICO score over 580. FHA approved lenders don't take your credit history lightly, and neither should you.

Credit Scores for FHA Loans

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FHA Loan Articles and Mortgage News

Building a Home in Texas using FHA / VA One-Time Close Construction Loans

February 22, 2024 - One-Time Close construction loans are popular for those looking to build a new home on their own lot in Texas. Zillow® reports the TX medium home value as $296,582 for the period ending January, 2024.  

Using Escrow for Your FHA Loan

February 14, 2024 - You may wonder why your loan officer might require you to use an escrow account. Escrow is an agreement between you and the lender through which a third party holds an asset or money on behalf of two other parties that are in the process of completing a transaction.

Home Loan Down Payment Issues You Should Know

February 9, 2024 - There are conventional mortgages, VA loans, FHA home loans, and USDA mortgages. Each home loan program has its own requirements, guidelines, and fees, but the down payment is one of the big ways all these programs differ.

How Long to Wait Before You Apply for a Home Loan

February 1, 2024 - Some people can apply for a new line of credit right away. They have great credit and repayment habits, and lenders love them. But plenty of us don’t fall into that neat little category, especially in the wake of the pandemic economy that burdened so many people during COVID.

Learn More About FHA Loan Cash To Close

January 30, 2024 - Use an online mortgage calculator to estimate how much home you can realistically afford. Borrowers sometimes view that number as a bit flexible. However, be careful of what some in the industry describe as cost creep.