Yes, with a 579 credit score you can get an FHA loan. There are some variables, but it is indeed possible. Contact me at Priscilla@AllenRealtyGroup.com (Priscilla Allen) and I will get you with a loan officer that can do this for you.
Stay off the rainy street and be safe!
What you need to do is get with a lender who will actually take the time to coach you and help you get where you need to be. Start making the right decisions now and you may be able to buy a home before you know it.
Good luck to you.
Obviously the majority of answer here reflect what I normally hear which is a min MEDIAN score allowed of 620 for FHA. however, are you most certain that FHA financing is the only financing you are looking for?
Is it because of a lack of higher down payment (3.5% for FHA where as conventional typically wants 5% if not 10% for owner occupied)? What is the biggest factor that you are concerned about in getting financed? There are still some "non-traditional" financing out there, but it will certainly cost you more in interest and may be a little more difficult to understand, but there is certainly other financing out there.
Perhaps if you speak with a Real Estate professional and let them know what area and price range you're looking for; there are other alternatives out there for you.
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
You will need a 620 with pretty much any lender. From a 580 it shouldn't take you too long to get there. First thing is go to http://www.annualcreditreport.com and get your 3 free credit reports (with no other obligation). Make sure there are no errors and if so, dispute them right online. Should be able to be resolved in 30-60 days. If you just have a lack of credit, you may want to get a secured credit card (i.e. through your bank) and that can boost your scores in a fairly short amount of time. Go to: http://money.cnn.com/galleries/2007/pf/0705/gallery.credit_s to see how credit scores work. If you have any other questions please don't hesitate to call me directly. I'm here to help.
Justin Werner, ABR, CDPE
Accredited Buyer Representative
Certified Distressed Property Expert
Below is a link to the governments FHA Loan guides.
The Copland Team
Most lenders want a 620+
Here is a book about credit. Maybe you can clean a couple of things up quick and get over that 620 hump.
Let me know if you have any questions.