An FHA loan is a mortgage issued by an FHA-approved lender and. they do carry other stringent requirements. How FHA Loans Work It’s important to note that the Federal Housing Administration doesn’t.Fha Housing Loan Requirements 2018 FHA Loan Requirements 500-579 FICO score requirement with a 10% down payment. 580+ FICO score requirement for borrowers with at least a 3.5% downpayment. An appraisal must be done by an FHA approved appraiser. mortgage insurance (mip) is required. Steady employment and be able to prove.