One of the most important qualifying metrics for a home loan is your credit score. Your credit score not only determines what programs are available to you, but also what interest rate and fees you will get. The higher the credit score, the more favorable the terms.
Let’s break down the credit score requirements for our most popular loan programs below. These requirements can sometimes change, but have remained fairly consistent for the last 10 years.
Conventional: 620 FICO
FHA: 550 FICO -10% down required or 580 FICO – 3.5% down required
USDA: No minimum officially, but most lenders require at least a 580 FICO
VA: No minimum officially, but most lenders require at least a 580 FICO
JUMBO: 640 FICO
If you don’t have a credit score, it’s much more difficult to obtain a home loan. While some loan
programs allow you to build out “non-traditional credit”, it’s recommended you establish at least one credit account to allow proper reporting of your credit worthiness.
Credit score lower than the minimums you’re seeing above? That’s ok! We can provide you with tips to raise your credit and connect with you credit repair services that will work with you to raise your score.
