The latest minimum credit scores are simple for an FHA loan. If you have at least a 620 credit score, you can get an FHA loan.
With Conventional loans, a 720 credit score is preferable. You may get a loan with a lower credit score, but it would cost more points (i.e. an “add-on”).
There are complicated matrices used on Conventional loans and those may show that a lower credit score can still get a Conventional loan, but trust that if you are going for a Conventional loan its best to have a 720 credit score.
Brian Martucci is a loan officer for Capital Bank Home Loans, a division of Capital Bank, N.A. He has been in the mortgage industry since 1986 and has served in a number of roles, including loan processor, loan officer, mortgage broker, branch manager, and vice president. Brian Martucci – NMLS# 185421. His opinions do not necessarily reflect the opinions and beliefs of Capital Bank Home Loans or Capital Bank. Capital Bank, N.A.- NMLS# 401599. Click here for the Capital Bank, N.A. “Privacy Policy”.
