What credit score do I need for an FHA loan?

FHA guidelines generally allow a 3.5% down payment with a credit score around 580 or higher. Scores between 500–579 are sometimes eligible with a larger down payment. Actual approval depends on your full financial picture — Barry can review your specific situation.

Can I use an FHA loan more than once?

Yes, FHA loans aren't limited to first-time buyers, though they're especially popular with them because of the low down payment and flexible credit requirements.

FHA Loans | Barry Palmquist

What Is an FHA Loan?

An FHA loan is a mortgage insured by the Federal Housing Administration, part of the U.S. Department of Housing and Urban Development (HUD). Because the government insures part of the loan, lenders can offer more flexible credit and down payment requirements than most conventional programs — which is why FHA loans are one of the most common ways first-time buyers get into a home.

Down Payment & Credit

FHA loans allow down payments as low as 3.5% for buyers with a qualifying credit score, and they're generally more forgiving of past credit challenges than conventional financing. That flexibility comes with mortgage insurance premiums (MIP) — both an upfront premium and an annual premium — which Barry will walk you through so there are no surprises in your monthly payment.

Who It's For

First-time buyers who haven't saved a large down payment
Buyers rebuilding credit after a rough patch
Buyers who want more flexible debt-to-income guidelines than conventional loans typically allow

What You'll Need

Standard income and asset documentation, a credit check, and a property that meets HUD's minimum safety and condition standards. Barry will tell you exactly what to expect for your file during a free, no-pressure consultation.