Chris Luis, My Favorite Mortgage Broker 
"I work for you, not the banks." 
NMLS 888571

CLuisMortgages. LLC             
MBR 1575, NMLS 1159714                                       
t: 941-219-4381
f: 800.718.1862
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Minimum Credit Scores Needed for a Mortgage

Your credit score is 1 of 3 keys credit items a lender examines when you apply for a loan. The other 2 items are equally as important. 

These are the amount of monthly credit payments you are making, and your credit history. 

Example: you can have a 680 credit score, but not be eligible for a mortgage because you had a foreclosure 2 years ago. Or, you can have too much debt. Or you do not have the income to qualify for a home. This is why one often sees homebuyers with a poor credit score of 580 get approved for a mortgage but another with excellent credit not get approved. 

Your credit score for mortgage can only be determined by an official mortgage credit report which is pulled by a loan officer. Consumer related credit reports such as Credit Karma and Free Annual Credit Report are not accurate and can be off by as much as 100 points either way and have much missing information. 

Here is a list of popular loan programs and the minimum credit score needed: 

Conventional - 1% down –First Time Homebuyers - 700 
Conventional - First Time Home Buyers – 3% down - 620 
Conventional – Others - 5% Down - 620
FHA - $0 down - for limited qualified buyers - 640  
FHA - 3.5% down - 580  
FHA - 10% down - 500 
Jumbos - 20% Down – 680 
Jumbos - 30% Down - 600 Credit Score - 20% - 30% down 
Non-Prime - Bank Statement only Programs
Non-Prime - recent bankruptcy or foreclosures – 500
VA - $0 Down - 550
USDA - 580 Credit Score - $0 Down 

See other info: Will Pulling My Credit Hurt My Score 

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