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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.
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 ...
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. ... the minimum credit ...
Mortgage lenders use specific credit scores—here are the minimum scores you need for a variety of mortgage types. Skip to main content. 24/7 Help. For premium support please call: ...
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.
Some types of loans have no minimum credit score requirements, and FHA loans can be had with a score as low as 500 for qualified borrowers. ... the median credit score for new mortgages in the ...
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