The Federal Housing Administration will require new borrowers to have a minimum FICO score of 580 to qualify for its flagship 3.5 percent down-payment program – and those with scores of less than 500 will no longer qualify for FHA-insured mortgages.

The FHA is seeking public comments on several policy changes aimed at bolstering its depleted capital reserves, while keeping intact its mission of facilitating home ownership in underserved communities.

The new policies, first announced in January, will also require new borrowers with credit scores of less than a 580 to make a cash investment of at least 10 percent.

The rule that makes borrowers with credit scores of less than 500 ineligible will likely have minimal impact. Less than 1 percent of borrowers fall in that category. Most FHA-backed loans go to borrowers with minimum credit scores in the mid-600s.

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