FHA Loans have lower credit score requirements than conventional loans. You can get a loan with a credit score as low as in the 500s. This does not mean you will get automatically approved. The lower the credit score, the higher the down payment you will have to provide. For example, most lenders with a credit score of 580 or above will be able to get a loan with a down payment of 3.5%. However, those with credit scores below 580 may have to provide a 10% down payment.

Not at all. There are no minimum or maximum income limits for borrowers who wish to apply for FHA Loans. As long as you meet the requirements for FHA loans, anyone can apply and get this loan. Requirements include a debt-to-income ratio lower than 43%, that the home you intend to buy be your primary residence, that you have a steady income and proof of employment and that you have a Mortgage Insurance Premium (MIP).

The amount you will have access to will depend on your financial situation and the loan limits existing in your area. Normally, if you live in an area where there is a set FHA loan limit, your lender will most likely approve you for an amount lower than that limit. So FHA loan limits are based on your county and the number of units in your home.