Most first-time homebuyers can qualify for a mortgage with a credit score around 620 for a conventional loan, based on standard guidelines, while FHA and VA loans may accept scores as low as 500. The exact number you need depends on which loan program fits your goals, your down payment, and your overall financial picture. I'm Arielle, a loan officer in Boynton Beach, and I'll break down each program in plain terms so you know exactly where you stand before you start shopping. My NMLS number is #1361210.
How does your credit score shape a mortgage?
Your credit score is one of the first numbers a lender reviews, and it does more than decide yes or no. Depending on the loan program and your individual circumstances, it can also influence the interest rate you're offered, your loan terms, mortgage insurance costs, down payment requirements, and which financing options are available to you. A higher score typically supports better terms, while a lower score may point toward a higher rate or a larger down payment.
Lenders look at your score alongside your income, your debt-to-income ratio (DTI), and your savings. Even a perfect score won't carry a loan on its own. The mortgage minimums below are a starting point, not a promise of approval. Meeting a stated minimum does not guarantee approval, a particular interest rate, or specific loan terms, and every borrower must still meet the full underwriting requirements for their chosen program.
What credit score do you need for each loan type?
Each loan program sets its own minimums. Here's how the five most common home loans compare, based on standard guidelines used across the industry.
These are the typical credit score minimums for the five most common home loan types, based on standard guidelines from CrossCountry Mortgage's credit score resource. The figures below represent general program guidelines, and lender-specific requirements may vary. Meeting a minimum does not guarantee approval, a particular interest rate, or specific loan terms.
Loan type | Minimum credit score | How it works |
|---|---|---|
Conventional | 620 | A score just below 620 might still qualify, but the higher interest rate can cost you money over the life of the loan. Lender requirements may vary. |
FHA | 500 | A 3.5% down payment may be available at 580 or above; below 580, a larger down payment is typically required. |
VA | Varies | The VA does not set a minimum, but lenders may impose their own requirements. Only Military Veterans and Active-Duty Service Members qualify. |
USDA | 620 | No down payment required, but you must buy in a designated rural area and fall under income limits. |
Jumbo | 660 | These loans exceed federal conforming limits, so a higher minimum helps address the larger risk. |
Meeting the minimum is not the same as getting the best deal. A credit score of 500 may unlock an FHA or VA loan, but you may face a higher interest rate and, for FHA, a larger down payment (CrossCountry Mortgage's credit score resource). Because lender-specific requirements vary, it's a good idea to compare programs and discuss your options with a loan officer.
What help is available for Florida first-time homebuyers?
A good credit score can also open the door to state down payment assistance. In Florida, the Florida Housing Finance Corporation (Florida Housing) offers 30-year fixed-rate first mortgages through participating lenders, with down payment and closing cost help available in the form of a second mortgage. To use these programs, you typically need a minimum credit score of 640, meet the IRS definition of a first-time homebuyer, complete approved home buyer education, and stay within county income and purchase price limits (Florida Housing).
The FL Assist second mortgage can offer up to $10,000 on FHA, VA, USDA and conventional loans, with no monthly payment required and 0% interest, subject to program eligibility (Florida Housing). The Florida Homeownership Loan Program (FL HLP) can provide up to $12,500 in a fully-amortizing second mortgage, subject to eligibility. For eligible workforce buyers, the Florida Hometown Heroes program offers down payment assistance, and Florida Housing reports it has helped nearly 25,000 Floridians purchase a home since its first cycle in 2022 (Florida Housing). Eligibility, assistance amounts, and repayment terms vary by program and county, so it's worth confirming the details that apply to your situation.
How can I raise my credit score before applying?
If you're a few points short of your target, small changes can help. The habits that carry the most weight for most borrowers are paying every bill on time and keeping your credit card balances low. Credit improvement takes time and results vary from borrower to borrower, so the best approach is to build these habits consistently and check your progress with your lender before you apply.
What actually goes into your credit score?
Understanding what moves your score makes the steps above feel less abstract. Five main factors drive it: payment history, credit usage, the length of your credit history, how many accounts you've opened recently, and the mix of credit types you carry. Late payments weigh heavily, while a longer history of on-time payments and low balances supports a higher score.
The bottom line for first-time homebuyers
You don't need a perfect score to buy your first home. A conventional loan can work from 620, and FHA or VA options may accept scores as low as 500, especially if you can handle a larger down payment (CrossCountry Mortgage's credit score resource). The real opportunity is in preparing: give yourself time to lift your score, lower your balances, and save, then get a pre-approval. A pre-approval is subject to verification of your financial information, applicable underwriting requirements, and final loan approval, so it gives you a realistic picture of where you stand before you shop.
1What is the minimum credit score to buy a house?
Most first-time buyers can qualify for a conventional loan at 620, while FHA and VA loans may accept scores as low as 500, based on standard guidelines. The loan program and down payment you choose both affect the number you'll actually need.
2Can I get an FHA loan with a credit score below 580?
An FHA loan accepts a minimum credit score of 500, but a 3.5% down payment is only available at 580 or above, based on standard guidelines. Between 500 and 579, a larger down payment is typically required.
3Can I buy a home with a 620 credit score?
A score of 620 is enough to start with most lenders, based on standard guidelines. Raising your score and lowering credit card balances are positive habits, but credit improvement takes time and results vary from borrower to borrower.
I'm Arielle, a loan officer at CrossCountry Mortgage in Boynton Beach, FL, NMLS #1361210. I work with FHA, VA, conventional and USDA loan programs, and I'm here to help you figure out which path fits your situation best.
Ready to see what you qualify for?
Rates and terms are subject to change, and every borrower must still meet full underwriting requirements. Let's review your credit, your goals, and which program fits your situation best.
Contact me with questions.All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. CrossCountry Mortgage, LLC (“CrossCountry”) does not guarantee the quality, accuracy, completeness, or timeliness of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error free. Some information in the publication may have been provided by third parties and has not necessarily been verified by CrossCountry. CrossCountry its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort, or other tortious action.
Equal Housing Opportunity. All loans subject to underwriting approval. Certain restrictions apply. Call for details. All borrowers must meet minimum credit score, loan-to-value, debt-to-income, and other requirements to qualify for any mortgage program. CrossCountry Mortgage, LLC NMLS3029 (www.nmlsconsumeraccess.org).
Rates and terms are subject to change without notice.
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