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Here’s an example: Let’s say you’re buying a $400,000 house with a 20 percent down payment, and your high credit score qualifies you for a 30-year fixed mortgage at an interest rate of 6.2 ...
Mortgage lenders use specific credit scores—here are the minimum scores you need for a variety of mortgage types.
Minimum Credit Score. ... and possibly improve your loan approval odds. ... and PMI, that brings your monthly mortgage payment on a 30-year fixed home loan to around $3,055 (assuming a 7% fixed ...
You can get a mortgage with a credit score as low as 620, 580 or even 500, depending on the type of loan. ... most USDA-approved lenders require a minimum credit score of just 640. ... Here’s an ...
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.
Loan Type. Minimum Credit Score. Conventional loans. 620. FHA loans. 500 (with 10% down payment); 580 (with 3.5% down payment) USDA loans. The USDA has no minimum limit, but lenders generally like ...
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