where does your credit score need to be to get a mortgage?

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Trena D Miller, Personal Care Aide

@trenam • 12/22/20 This answer was first published on 12/22/20. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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620 for some like the FHA.

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chrisgallatin, Member

@chrisgallatin • 12/01/22 This answer was first published on 12/01/22. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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Technically, FHA financing allows a score as low as 580, but realistically, the interest rates (which are currently high compared to 2020) you will be offered with a low credit score will be as much as 2-3 points higher than someone with a 740 FICO score. That can result in one borrower paying several hundred dollars more per month than the other. Since it can be costly to re-finance a loan after a few years, it's best to do all you can to get to a score above 700, to help keep costs down both per month and over 30 years.

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