WHAT CREDIT SCORE DO YOU NEED FOR A MORTGAGE?

Like it or not, your credit score plays a huge role in determining your interest rate and loan terms—and a good score can save you a LOT of money over the life of your loan.

Wondering what credit score you need to qualify for a mortgage? The answer depends on the type of loan, but here’s a general breakdown:

 580–619:
This is typically the lowest score you would need to qualify for an FHA loan unless you have over 10% for a downpayment.

 620–699:
This range opens the door to more conventional loans. You’ll likely qualify for better interest rates, but improving your score further could save you even more.

 740+:
Scores in this range typically qualify for the best rates and loan options, which can mean lower monthly payments and big savings over the life of your loan.

It’s also important to remember that errors on your credit report can lower your score, so be sure to review your report annually at AnnualCreditReport.com and dispute any inaccuracies you come across.

If you’re not sure where you stand, let’s chat! I can connect you with trusted lenders who can help you understand your credit score and walk through your finances with you. Just send me a message!