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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 ...
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.
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 average FICO Score 8 in the US was 710 in 2020 and 716 in April 2021. [18] The FICO bankcard score, FICO auto score, FICO personal finance score, and FICO installment loan score are between 250 and 900. The FICO Mortgage Score and FICO Score XD 2 are between 300 and 850. [19] [20] Higher scores indicate lower credit risk. [21]
In general, it’s helpful to have a credit score of at least 620 or higher when you apply for a mortgage. Yet some lenders may be willing to approve you for certain loan programs with a FICO ...
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)
In addition to the standard FICO score 8 or 9, mortgage lenders might use one of the following: FICO score 2. FICO score 4. FICO score 5. FICO score use among different credit bureaus.
An 800 credit score is considered “exceptional” by FICO and is in the highest tier of scores. As long as you meet the lenders’ other requirements, your score is high enough to qualify for ...
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