Credit score - While the official FHA guidelines say that you need a credit score of 580 or above to purchase a house with 0-10% down, very few lenders qualify anyone for an FHA loan unless their score is 620 or 640 or above.

Credit score - While the official FHA guidelines say that you need a credit score of 580 or above to purchase a house with 0-10% down, very few lenders qualify anyone for an FHA loan unless their score is 620 or 640 or above. 

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In fact, according to Ellie Mae, the average credit score for an approved FHA loan in the first quarter of 2013 was 713 for a refinance and 698 for a purchase loan. The average credit score of borrowers who were denied an FHA loan was 671 for a refinance and 669 for a purchase loan.

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Debt-to-income ratio - If you have debt problems, your minimum payments on all your debt may be too high compared to your gross monthly income. FHA lenders typically require an overall debt-to-income ratio at a maximum of 43 percent. In the first quarter of 2013, the average debt-to-income ratio for refinance loans was 38 percent and 41 percent for purchase loans. The average debt-to-income ratio for loans that were turned down was 44 percent for an FHA refinance and 45 for a purchase loan.