FHA Credit Score – What Is A Good Credit Score For Getting A FHA Mortgage?

What Is A Good FHA Credit ScoreOften loan officers get asked the question: “What is a good FHA Credit Score?” Officially from FHA and simply put, a good FHA credit score is any credit score above 500. However, many FHA lenders will not lend you money for an FHA mortgage if your FHA credit score is less than 620.

There are some special loan requirements that FHA has implemented as of the beginning of Oct 2010 that you will need to know about it. These changes have to do with down payment requirements. Review FHA Credit Score Requirements.

While credit scores are an important aspect of getting an FHA mortgage – or any mortgage for that matter. You credit score is not the only credit requirement that you need to pay attention to if you are trying to get a FHA mortgage.

Credit Issues That Will Stop Your Mortgage Application

  • A chapter 7 bankruptcy within the past 2 years
  • A home foreclosure within the past 3 years
  • A chapter 13 bankruptcy within the past 12 months
  • Unpaid federal or state tax liens
  • Unpaid judgments
  • Unpaid and recent non-medical collections (typically within the past 12 months)
  • Recent 30 day late or longer payments on your credit report within past 12 months

If none of these items apply to you, then you may just have to do some things to improve your credit score. Often this process is called credit repair. There are other names for it called credit optimization, improving credit scores, fixing credit etc. However, one of the best things you can do to improve your FHA credit score to qualify for an FHA mortgage is to let time go by making your payments on your credit accounts with no late payments.