: If your score is 580 or higher, the down payment requirement drops to just 3.5% .

If you aren't ready to apply today, you can take these steps to strengthen your application over the next few months:

: A larger down payment can often overcome a low credit score by reducing the lender's risk. FHA Loans for Bad Credit & Bankruptcy - Freedom Mortgage

: Backed by the Federal Housing Administration (FHA) , these are the most common choice for "bad credit" buyers.

If your credit score isn't where you want it to be, these programs are often the most accessible paths to homeownership:

: Try to keep your credit card balances below 30% of your total limits.