what is a good credit score for a home loan

It receives this honor because it’s such a good indicator of how you’ve managed. FICO also offers industry-specific scores.

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A good credit score is from 700 to 749; a fair credit score, 650 to 699. A credit score lower than 650 is deemed poor, meaning your credit history has had some rough patches.

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That’s good news if you’re shopping for a mortgage or auto loan, for example, and trying to avoid dips in your credit scores.

The credit score you need to get a mortgage varies, as there’s no one credit score or universal ‘magic number’. However, if you have a good credit score from one of the main credit reporting reference agencies such as Experian, you are likely to have a good credit score with your lender.

The rules vary for these programs, but a good rule of thumb is that, as of the date of publication, a middle score of 620 to 640 will be enough to qualify you to take out a mortgage. Finding a good credit score for a home loan is like trying to hit a moving target.

The FHA accepts credit scores for home loans as low as 580-and may even go as low as 500 if you can throw down a larger down payment. If you (or your spouse) are an active or former military.

A credit score of 580 is widely regarded as the minimum acceptable score for home loan eligibility. At this level, a borrower should qualify for a Federal Housing Administration-backed loan.

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"Good" credit is usually defined as a FICO score between 680 and 739. FICO scores of 740 or higher are generally considered "excellent." Most borrowers in the "excellent" category have no late.

Today’s lowest mortgage rates and fees go to borrowers with credit scores of 740 or higher. This is a change from a few years ago, when a 720 credit score was good enough to merit the best deals..

In fact, when using SmartAsset tools to answer the question, What credit score is needed to buy a house?, we will tell anyone who has a score below 620 to wait to get a home loan. Looking to calculate your potential monthly mortgage payment? Check out our mortgage calculator. What interest rate can I get with my credit score?