What's the minimum credit score I need to get a mortgage loan?

You will need at least a middle credit score of 620 or better. A mortgage company will pull a tri- merge credit report from each credit bureau. There will be three scores, a high score, a middle score and a low score. It doesn’t matter which bureau provides it, but the middle credit score is the one that will be used for the purposes of getting a home loan.

If you are applying with somebody else on the mortgage such as a spouse and one borrower has been 800 credit score and the other borrower has a 630 credit score, the lower 630 credit score will be used.

Mortgage Tip: lenders always use the lower of the two credit scores, taking the lower risk, more conservative approach when extending credit for a mortgage

Quick strategies for keeping your credit score as good as possible when a mortgage lender pulls it:

  • Keep credit card balances to no more than 30% of the total allowable credit lines
  • avoid any mortgage lates this goes without saying right?
  • avoid any collections if possible and/or garnishments
  • do not commit to one lender and then have another lender pull copy of your credit report as that could adversely affect your credit score with your original lender

If you’d like to learn more about your credit report, start by getting a free mortgage rate quote today.

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