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Credit Scores and Mortgages
Your credit score affects whether you qualify and what rate you get. Different loan programs have different minimums.
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Score ranges by loan type
- Conventional: generally 620 and up, with the best pricing higher.
- FHA: often 580 for 3.5% down, lower with more down.
- VA and USDA: no set minimum, though lenders set their own overlays.
Why the score matters for pricing
Higher scores earn lower rates and lower mortgage insurance. Even a small score improvement can move you into a better pricing tier.
How to improve your score
- Pay every bill on time.
- Keep credit card balances low relative to limits.
- Avoid opening new accounts right before applying.
- Check your reports and dispute errors.
Put it into numbers. The calculator estimates your payment and compares every loan type.
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Frequently asked questions
What credit score do I need for a mortgage?
About 620 for conventional, 580 for FHA with 3.5% down, and no set minimum for VA or USDA, subject to lender overlays.
Does my score affect my rate?
Yes. Higher scores earn lower rates and lower mortgage insurance.
How fast can I raise my score?
On-time payments and lower card balances can help within a few months, though bigger repairs take longer.
Important disclosures. LoanFitCalc is a free educational tool that provides estimates only. It is not a loan, a loan approval, a commitment to lend, a rate lock, or an offer to make a loan, and it does not provide financial, legal, or tax advice or recommend a specific loan for you. Mortgage insurance rates, funding and guarantee fees, loan limits, taxes, and insurance figures are typical published values used for estimation and are subject to change. Program eligibility rules are summarized and simplified. Actual terms depend on your full application, credit, property, and lender underwriting. Consult a licensed mortgage loan originator before making any decision. LoanFitCalc is an independent educational website and is not a lender. ⌂ Equal Housing Opportunity
