What are the ranges of credit scores for a mortgage?​ 

Credit scores can range from 300 to 850, with each range meaning something to your lender.  

Lenders look at credit scores to determine the creditworthiness of a borrower. The higher the credit score, the less risk lenders will see you as when you borrow money to buy a home. 

Are you looking to buy a home? Take the first step by starting an online mortgage application. 

What does the range of credit scores typically look like? 

Credit score ranges can mean different things, with the higher scores being better. Whether you are a first-time homebuyer or seasoned homeowner, by understanding which range your credit score falls into, you can get an idea of what to expect when looking to buy a home with a mortgage. 

300-579: Poor credit 

If your credit score is in this range, it may be harder to get a home loan, though not impossible, depending on the type of mortgage you are looking at. Mortgages for borrowers with credit scores in this range typically come with higher interest rates. 

580-669: Fair credit 

Scores in this range still come with risks but tend to show a level of creditworthiness. If you are looking to get a home loan with a credit score in this range, be prepared for the interest rate on your mortgage to be slightly higher than average. 

670-739: Good credit 

When your credit score is in this range, the door opens to more home loan options with a better chance to get a competitive rate on your mortgage. The good rates that a credit score in this range could get you may save you on interest payments. 

740-799: Very good credit 

Borrowers with credit scores in this range are considered low risk, which means lenders can get you better terms and rates on your home loan, leading to larger savings.  

800-850: Excellent credit 

Credit scores in this range are as high as you can get and prove borrowers are very responsible when managing their money. If you have a score in this range, you have a chance to get the lowest interest rates and best terms. 

What are the different credit score reporting options? 

There are three credit score reporting bureaus. 

• Equifax: The oldest bureau, Equifax provides detailed reports that include rental payment history and free credit reports updated every 30 days. 

• Experian: Offers its users tools to help add positive payment histories that could boost credit scores. 

• TransUnion: Uses public records and data from a wide range of creditors to calculate credit scores. 

Where does my credit score need to be to get a mortgage? 

The credit score you need to have to get a mortgage will depend on the type of home loan you are looking at. Most lenders look for a 620 credit score for conventional loans. FHA loans can approve borrowers with a 500 credit score and a larger down payment.  

For VA and USDA loans, there is no set minimum credit score. However, lenders may have their own credit score requirements. 

How can I start the mortgage process today? 

If you are looking to purchase a home, you can start the mortgage process with an online home loan application. An online application will connect you to a Loan Officer who can help you with the mortgage application and answer any questions about the process that you may have. 

Start the mortgage process today with a home loan application through a trusted lender. 

_{Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Refinancing your mortgage may increase costs over the term of your loan. Restrictions may apply.} 

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