A common question I get is what minimum credit scores are needed for various loan programs.
I going to give you a quick guide for minimum credit scores on each program.
The mortgage industry is a very dynamic industry. …the rules change almost daily.
…so please check in with me when you get serious about buying or refinancing a house. The numbers I give here may change tomorrow!
Also, keep in mind there’s more to consider than just the credit score when qualifying for a mortgage.
…but, for the purposes of this post – here are the current minimum credit scores.
FHA – I can do credit scores down to 500. (10% down for scores between 500 and 579, 3.5% down 580 and up)
VA – 560 minimum credit score.
USDA – 580 minimum score.
Conventional – 620 minimum credit score.
Hope this helps! Call me or email me if you have questions about your house buying needs.
That’s it for today!
Have a good day today! …and thanks for reading.
Brett
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