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FHA loans have the lowest minimum credit score requirements of any mortgage programs around. With a credit score as low as 500 you could qualify for an FHA loan with a 10% down payment. However, lenders set their own credit requirements and finding a lender that can approve your loan with a credit score below 600 will be difficult.
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You can qualify for an FHA loan with a credit score of 500 to 579 with a 10 percent down payment. FHA’s maximum financing of 3.5 percent down is available for borrowers with a score of 580 or.
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Mortgage Q&A: “What credit score do I need to get a mortgage?” If you’re thinking about purchasing a new home or refinancing an existing mortgage, you should know that your credit score is going to be a big factor.. In fact, it can make or break your loan approval and carries the most weight when it comes to determining your mortgage rate.. Why are credit scores so important to mortgage.
Generally, you’ll need a score of 580 to qualify for an FHA-backed loan. Conventional lenders require a higher score of around 620, although you’ll need a score of 740 or above to qualify for the best rates.
Meanwhile, credit scores of 660 and up are typically required for all other conventional mortgage loans, those not backed by a government agency. For jumbo mortgages , you might be looking at a minimum score of 680 or even 700, with a large down payment also a requirement.
The credit score needed for a mortgage depends on the type of loan. Government-backed loan programs – FHA, VA and USDA – generally have lower credit-score requirements than conventional mortgages.
A higher credit score earns you a lower mortgage rate, which means you’ll save by paying less in interest. Scores of 720 and up earn the best rates on conventional mortgages.