The minimum qualifying credit score is 580.
The minimum down payment requirement is 3.5%
You must have a steady employment history or have worked for the same employer for the past two years.
If you're self-employed, you need two years of successful self-employment history, documented by tax returns. If you've been self-employed for less than two years but more than one year, you may still be eligible if you have a solid work and income history for the two years preceding self-employment and the self-employment is in the same or a related occupation.
For an FHA loan or any mortgage must be at least two years out of bankruptcy unless you can demonstrate the bankruptcy was due to an uncontrollable circumstance. You must be at least three years removed from any foreclosures and demonstrate you are working toward re-establishing good credit.
If you’re delinquent on your federal student loans or income taxes, you won’t qualify.
An FHA loan requires that you pay two types of mortgage insurance premiums—an Upfront Mortgage Insurance Premium (UFMIP) and an Annual MIP (charged monthly). The Upfront MIP is equal to 1.75% of the base loan. This is typically rolled into the loan and is not required to be paid out of pocket.
The annual MIP payment is made every month as part of your total monthly mortgage payment. The payments range from 0.45% to 1.05% of the base loan amount, depending on the loan amount, length of the loan, and the original loan-to-value ratio (LTV).