What credit score do you need for a mortgage? Approval rates, interest rates, and loan options by credit score tier.
| Credit Score | Approval Rate | Avg Rate | Payment on $280K | Assessment |
|---|---|---|---|---|
| 760-850 | 98% | 6.15% | $2,140 | Excellent - Best rates, all options |
| 740-759 | 96% | 6.30% | $2,172 | Very Good - Near-best rates |
| 720-739 | 93% | 6.45% | $2,205 | Good - Standard rates |
| 700-719 | 87% | 6.65% | $2,248 | Good - Slightly higher rates |
| 680-699 | 78% | 6.90% | $2,302 | Fair - Conventional available |
| 660-679 | 62% | 7.20% | $2,368 | Fair - FHA recommended |
| 640-659 | 45% | 7.50% | $2,435 | Below Avg - FHA likely required |
| 620-639 | 28% | 7.80% | $2,503 | Poor - FHA minimum score |
| 580-619 | 12% | 8.50% | $2,666 | Very Poor - FHA 3.5% down at 580 |
| Below 580 | 3% | 9%+ | $2,800+ | Very Poor - Very limited options |
| Loan Type | Minimum Score | Requirements |
|---|---|---|
| Conventional | 620 | 3% down, PMI required under 20% |
| 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 require 620+. 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.
A 760 score gets approximately 6.15% while a 660 score gets 7.20% — a 1.05% difference. On a $280,000 mortgage, that costs an extra $228/month or $82,000 over 30 years.
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.