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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.
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 ...
It’s possible to do a conventional mortgage refinance with a credit score of 620, and FHA refinances are typically doable for those with credit scores in the mid-500s.
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 ...
The minimum credit score required for a conventional loan is 620, while other mortgages require scores between 500 and 700. A higher credit score usually translates to a lower interest rate.
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.
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Credit Rating. FICO Score Range. Excellent. 800 and above. Very Good. 740 to 799. Good. 670 to 739. Fair. 580 to 669. Poor. 300 to 579