What credit score do you need for a mortgage? Approval rates, interest rates, and loan options by credit score tier. Rates shown are illustrative spreads above the October 2026 Freddie Mac average.
| Credit Score | Approval Rate | Illustrative Rate | Payment on $280K | Assessment |
|---|---|---|---|---|
| 760-850 | 98% | 7.28% | $1,916 | Excellent - Best rates, all options |
| 740-759 | 96% | 7.43% | $1,944 | Very Good - Near-best rates |
| 720-739 | 93% | 7.58% | $1,973 | Good - Standard rates |
| 700-719 | 87% | 7.78% | $2,012 | Good - Slightly higher rates |
| 680-699 | 78% | 8.03% | $2,060 | Fair - Conventional available |
| 660-679 | 62% | 8.33% | $2,119 | Fair - FHA recommended |
| 640-659 | 45% | 8.63% | $2,179 | Below Avg - FHA likely required |
| 620-639 | 28% | 8.93% | $2,239 | Poor - FHA minimum score |
| 580-619 | 12% | 9.63% | $2,381 | Very Poor - FHA 3.5% down at 580 |
| Below 580 | 3% | 10.1%+ | $2,484+ | Very Poor - Very limited options |
Rates are illustrative spreads above the Freddie Mac PMMS 30-year average of 7.28% (survey date October 1, 2026). No public source publishes average mortgage rates by credit score, so actual quotes vary by lender. Payments are principal and interest on a 30-year fixed loan. Approval rates are rough estimates.
| Loan Type | Minimum Score | Requirements |
|---|---|---|
| Conventional | 620 | 3% down, PMI required under 20%; most lenders still want 620 |
| FHA | 580 | 3.5% down payment |
| FHA (10% down) | 500-579 | 10% down payment required |
| VA | No minimum | Lenders typically want 620+ |
| USDA | 640 | Rural properties only |
| Jumbo | 700-720 | Higher requirements for large loans |
| Non-QM | 500+ | Alternative documentation, higher rates |
The minimum is 580 for an FHA loan with 3.5% down, or 500 with 10% down. Conventional loans usually require 620+ from lenders (Fannie Mae dropped its own DU minimum in November 2025). For the best rates, aim for 740+. Every 20-point increase in score saves 0.15-0.25% on your rate.
The average credit score of approved mortgage borrowers in 2026 is 735. First-time buyers average 715, while refinancers average 745.
In this illustration, a 760 score gets 7.28% (the October 2026 Freddie Mac average) while a 660 score gets 8.33%, a 1.05% difference. On a $280,000 mortgage, that costs an extra $204/month or about $73,000 over 30 years. Actual quotes vary by lender.
Pay all bills on time, reduce credit card balances below 30% utilization (ideally under 10%), do not open new accounts, dispute any errors on your report, and become an authorized user on a family member's card. Allow 2-3 months for improvements to show.