4 min read
There's no single magic number — different loan types have different minimums, and your score affects your interest rate more than your approval. Here's what you need and how to strengthen it.
Minimum scores by loan type
FHA: 580 for 3.5% down (500–579 with 10% down). VA and USDA: no set minimum, but most lenders look for ~600–640. Conventional: usually 620+. Jumbo: typically 700+. Higher scores unlock lower rates on every program.
How your score affects your rate
A better score can meaningfully lower your interest rate and monthly payment — the difference between a 660 and a 760 can be hundreds of dollars a month over the life of the loan. It's often the highest-return thing you can improve.
Quick ways to improve before applying
Pay down credit card balances (aim under 30% of limits), don't open new accounts before buying, fix report errors, and keep old accounts open. Small moves 60–90 days out can nudge your score into a better bracket.
Frequently asked questions
- Can I buy a home with a 580 credit score?
- Yes — an FHA loan allows 3.5% down at a 580 score, and some programs go lower with more down. We can review your full profile, not just the number.
- Does checking my score or getting pre-approved hurt my credit?
- Checking your own score doesn't hurt it. A mortgage pre-approval is a hard inquiry with a minor, temporary effect, and multiple mortgage inquiries in a short window are treated as one for scoring.
This guide is general educational information, not financial advice or a commitment to lend. Programs, rates, and requirements change. Confirm your specifics with a licensed loan officer. Equal Housing Lender · NMLS #856170.