Current Minimum Credit Score Requirements to Qualify for a Mortgage

Mortgage guidelines change rapidly, but there is generally a bit of consistency among lenders regarding minimum credit score requirements. In this post, we'll provide you with a brief summary of the bare minimum credit scores that you'll probably need (for a primary residence) in order to qualify for a home mortgage. We'll focus on the four most common types of mortgages:

• Conventional: 620
• FHA: 580
• VA: 580
• USDA: 620

Please note that the above minimum credit score requirements are what most people will need in order to qualify for a mortgage, but there are certainly exceptions that can allow people to have lower scores or require people to have higher credit scores. Circumstances such as down payment amount, rental history, accumulated savings, and the presence of previous foreclosures or bankruptcies are among the biggest factors that can affect these minimum credit score requirements.

Another large factor is whether the loan will require a manual underwrite or not (click on link to read our post about what a manual underwrite loan is).

Lenders have the authority to be as conservative as they want, so shopping for lenders that can not only approve a given loan scenario but to also locate which ones can offer the best rates can be a daunting task. Whether you have an unusual mortgage scenario OR simply want shop mortgage rates, visit RateBid.com and remain anonymous while you watch loan officers engage in bidding against each other, hoping that you call them!