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Conventional loans are those issued by a lending institution to a borrower. Generally speaking, borrowers should have a âbare minimumâ credit score of 620, but ideally you should have a score closer to the 740 range, according to a Bankrate publication. FHA loans are different from conventional loans in that they are backed by the Federal Housing Administration.
FHA loan requirements don't force applicants to have credit scores above 580, but almost all borrowers who get actual loan approvals have much higher scores. Over 97 percent of all FHA loan approvals went to applicants with scores above 620.irst, applicants must have FICOs of at least 500 to be eligible for any FHA mortgage. In addition, those whose scores range between 500 and 579 are required to make down payments of at least ten percent, while borrowers with higher scores only need 3.5 percent down.