Does my credit need to be spectacular to get a Conventional mortgage? Many ask us this question, and the answer will depend on many factors.
While having great credit does help you get better rates and deals, the average U.S. consumer today has a 650 credit score. Showing your ability to repay your debts, and not having recent issues that are negatively affecting your score can help. Your loan approval all depends on your application and financial standing. Your credit can rise very fast depending on factors in your credit report. Our goal is to help you get approved. We’ll help guide you with improving your credit score and history as well to help you get the best rates and programs available.
So, what is a good credit score for conventional mortgage?
To qualify for a conventional loan, you’ll typically need a credit score of at least 620. Borrowers with credit scores of 740 or higher can make lower down payments and tend to get the most attractive conventional loan rates.