What is the difference between an enthusiastic FHA financing and you can a normal mortgage? five-hundred credit rating – Toward borrowing from the bank top, FHA mortgage standards require a rating with a minimum of 580 when you need to make minimal 3.5% deposit. However, you can get an FHA mortgage having a great FICO Score only five-hundred if you’re able to lay ten% of the price down. Practical question regarding getting home financing with less than perfect credit is actually an issue for the majority of homebuyers, and you will FHA financing could be the service. step three.5% advance payment – You’ll need a minimum down payment regarding 3.5% so you’re able to be eligible for a keen FHA mortgage. You could potentially will lay extra money off if you’d like, however, this is basically the lowest. Up to one hundred% of your down payment can come from an advance payment gift (although there try limitations into who’ll make you currency into a down-payment towards the a keen FHA mortgage).