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Conventional loans: A credit score of 800 is well above the minimum needed to qualify for a conforming conventional loan, which is typically 620. In fact, with an 800, you ought to qualify for ...
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A borrower with an exceptional credit score between 760 and 850 can get a 30-year fixed rate mortgage of $300,000 at an average rate of 7.550%, according to FICO.
The FICO Mortgage Score and FICO Score XD 2 are between 300 and 850. [22] [23] Higher scores indicate lower credit risk. [24] Experian classifies FICO credit scores lower than 580 as very poor, 580–669 as fair, 670–739 as good, 740–799 as very good, and 800–850 as exceptional. [25]
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 ...
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. No official requirement, but typically 620.
Down payment required: 3% (5% with adjustable-rate mortgage) Minimum credit score: 680 with less than 25% down. Income restrictions: No more than 80% of area median income for property’s location.
1. You might struggle to get a mortgage. It takes a minimum credit score of 620 to get a conventional mortgage. This doesn't mean you won't be able to get a mortgage with a score of under 600 at ...
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