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The minimum credit score required for a conventional loan is 620, while other mortgages require scores between 500 and 700. ... The national average FICO score as of October 2023 is 717, ...
This score meets the minimum credit score guidelines for several types of mortgages, including conventional loans — but credit score is not the only factor lenders look at, so a 620 score does ...
Credit score needed to buy a house, by mortgage type. ... FICO scores range as follows: 800 or higher: Exceptional. 740-799: Very good. 670-739: Good. 580-669: Fair. 579 or lower: Poor.
A borrower with an exceptional credit score between 760 and 850 can get a 30-year fixed rate mortgage of $300,000 at an average rate of 7.550%, according to FICO.
The average FICO Score 8 in the US was 710 in 2020 and 716 in April 2021. [18] The FICO bankcard score, FICO auto score, FICO personal finance score, and FICO installment loan score are between 250 and 900. The FICO Mortgage Score and FICO Score XD 2 are between 300 and 850. [19] [20] Higher scores indicate lower credit risk. [21]
But most homebuyers these days have scores much higher than that: According to data from the Federal Reserve Bank of New York, the median credit score for new mortgages in the fourth quarter of ...
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