·       As credit underwriting guidelines tighten and down payment requirements increase, some home buyers – especially first-time home buyers – are finding it more difficult to qualify for a mortgage loan offered by a traditional financial institution.  One viable option for some first-time home buyers, or those with challenged credit, is to apply for a home loan with the Federal Housing Administration (FHA).  These loans are mortgages issued by a private lender but insured by the FHA.  They often require smaller down payments and offer fixed-rate or adjustable-rate loans.  However, not all home buyers will qualify.  The FHA requires verification of income and assets along with a full home appraisal.  While consumers with credit scores a low as 580 may qualify, home buyers should contact an FHA lender for an accurate assessment of their situation and ability to qualify.