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Conventional loans (620): Many conventional loans—mortgages that aren’t part of government-backed programs—require a credit score of at least 620. Jumbo loans (680 to 720): Large ...
Loan Type. Minimum Credit Score. Conventional loans. 620. FHA loans. 500 (with 10% down payment); 580 (with 3.5% down payment) USDA loans. The USDA has no minimum limit, but lenders generally like ...
Here’s an example: Let’s say you’re buying a $400,000 house with a 20 percent down payment, and your high credit score qualifies you for a 30-year fixed mortgage at an interest rate of 6.2 ...
FHA loans: Insured through the Federal Housing Administration, FHA loans have more lenient credit score and DTI ratio requirements than conventional mortgages. The minimum down payment is 3.5 percent.
But bear in mind, it does mean your mortgage may be more expensive over the life of your loan. A borrower with an exceptional credit score between 760 and 850 can get a 30-year fixed rate mortgage ...
Jumbo loans: If your loan amount exceeds the limits set by the federal government, you may need a jumbo loan. (For reference, in 2024, the limit is $766,550 for most parts of the country.)
Type of Loan. Minimum Credit Score. Conventional. 620. Jumbo. 700. FHA. 580 (or 500 with 10 percent down) VA. 620 (VA doesn’t require a minimum credit score, but lenders do)
Loan type. Credit score minimum. Conventional loan. 620 or 660 depending on program. FHA loan. 580 (or 500 with a minimum 10 percent down payment) VA loan