No. You need to fix your credit and establish some good lines of credit.

You have to have a 600 credit score in order to be eligible for an FHA loan. I don’t know too much about it I just know that’s the minimum score. Also, just a bit of advice, to find out your rough price range… multiply your households yearly income by 4 To improve your credit, apply for a PRE-PAID Visa card from their website. You can have your pay check go directly onto the card use it for a while. This will build your credit because it is still listed as a credit card on the report. There are no qualifications for the card because you put the money on it. Credit companies update your score every 3 months. This should make a big difference in a short amount of time. Also, start sending 5-10 dollars a month. This way, you are paying SOMETHING at least, which also looks good on your report. Hope this helps!

To qualify for FHA, it should be a minimum of 620, although I’ve heard that they can go lower.

I think that a 550, however, might be too low.