That gets you in the door, but to snag the lowest down payment, you’ll need a much higher credit score. ‘To qualify for FHA’s minimum down payment of 3.5%, a borrower must have a credit score of 580.
The FHA down payment requirements are quite clear. If your have a 500 credit score you’ll need 10% down. If you have a 580 score you’ll need just a 3.5 percent down payment.
In fact, a House bill, the FHA Taxpayer Protection Act of 2009, would increase the minimum down payment required to obtain an FHA loan to 5% from 3.5%. That, sponsor rep. scott garrett, R, N.J.,
Boulder City Council recently agreed to put a proposal to finance a down payment assistance plan for middle income households.
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