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Over the same time period, the average credit score for those with a mortgage has risen from 739 to 758. That puts the average credit score for mortgage holders 40 points above the national average.
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 ...
According to the latest available data from FICO, someone with a 660 credit score would get an average mortgage interest rate of 6.62%, with a monthly payment of $1,382 for a $216,000 30-year ...
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.
The FICO Mortgage Score and FICO Score XD 2 are between 300 and 850. [19] [20] Higher scores indicate lower credit risk. [21] 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.
Here is a breakdown of how credit score ranges can impact your mortgage interest rate: 760 and above: To get the best rate possible on a mortgage, you will need a score of 760 or above. At this ...
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