The FHA loan has been around now for over 60 years.  When applying for an FHA loan the borrower will need to meet both the FHA requirements and the Mortgage Company requirements.  FHA has their set of rules (Guidelines) that all banks need to follow.  Mortgage Banks also have their set of rules that will overlay the FHA rules and guidelines.  When it comes to Minimum Credit Score for an FHA, most mortgage banks will require at least a 640 credit score.  This has come up from previous years.  In 2008 most mortgage banks would allow 580 credit scores.  Now they have all moved to at least 640 credit score in order to qualify for an FHA loan.

FHA allows borrowers to qualify for an FHA loan as long as they have at least a 580 credit score and they put down 10% on the home.  Most FHA lenders and banks will not do a loan under 640 credit score.  This is because the banks have guideline overlays with FHA.

Megastar Financial requires at least a 640 credit score in order to quaify for an FHA loan.  If you are not sure what your credit score is you can fill out my online application.  I can pull a credit report for you.  Also Megastar Financial can sometimes help borrowers who are close to the 640 minimum increase their scores above the 640 range.  This is done by doing a Rapid Rescore.  Sometimes if borrower can pay down a credit card or buy something on their credit card this will increase the score significantly.  A rapid rescore can be done with in 3 - 5 business days with all 3 major credit bureau Equifax, Transunion, & Experian.