People can get FHA loans with 550 credit scores. Whether YOU can depends on the reason for your 550 score. Note that with a score under 580, you'll have to put at least ten percent down. In addition, the FHA states that if an applicant's credit history shows habitual late payments and is littered with charge-offs and collections, there would have to be extremely compelling reasons for approving the loan. To get approved with a 550 FICO, try making a larger-than-minimum down payment. Your chances are better if you have no derogatory history in the last year, or if you can prove that yur bad credit stemmed from an event that you did not control (such as an illness or job loss) and that it has been resolved.