To buy a house, the credit score you need depends largely on the type of mortgage loan you are applying for, but generally:
- For most conventional loans, a minimum credit score of about 620 is typically required to qualify
- Government-backed loans have lower minimum credit scores:
- FHA loans may accept scores as low as 500 if you make a 10% down payment, or 580 with a smaller down payment
* **VA loans** usually require around **620** , though the VA itself does not set a strict minimum; lenders often impose their own requirements
* **USDA loans** often require scores between **580 and 640** , depending on the lender
- For jumbo loans (loans exceeding conforming loan limits), lenders typically look for a higher credit score, often 700 or above
In addition to credit score, lenders also consider other factors such as debt- to-income ratio, income, and loan-to-value ratio when deciding mortgage eligibility
. Higher credit scores generally help you qualify for better interest rates and loan terms, while lower scores may still get you a loan but often with higher rates and more stringent conditions
Summary Table of Typical Minimum Credit Scores by Loan Type
Loan Type| Typical Minimum Credit Score
---|---
Conventional Loan| 620
FHA Loan| 500 (with 10% down) / 580 (with 3.5% down)
VA Loan| ~620 (lender-dependent)
USDA Loan| 580–640 (lender-dependent)
Jumbo Loan| 700+
This means if you’re aiming to buy a house, a credit score of at least 620 is a common benchmark for most loans, but you may qualify with lower scores depending on the loan type and your overall financial profile
