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

May 3, 2013 by Scott Sheldon

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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.

Related Mortgage Advice from Scott Sheldon

  • What's the minimum credit score for getting an FHA mortgage?

    You will need to have a middle credit score of 620 or better for an…

  • What is the minimum credit score I need to buy a house?

    You will need at least at least the middle credit score of 640 or higher…

  • Can you use my credit report for a loan?

    No, and neither can any other mortgage lender. Few questions: the credit report did you…

  • Will pulling a credit report for a mortgage make my credit score drop?

    Short answer-it depends. The majority of the time when a mortgage lender pulls a copy…

Filed Under: Credit Score Questions and Answers, Purchase Mortgage Loans Questions and Answers

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2455 Bennett Valley Road C107
Santa Rosa, CA 95405
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Corporate Office 14511 Myford Road, Suite 100, Tustin, CA 92780. We at New American Funding take great pride in our customer service and make it our number one priority. We encourage you to contact us for complaint resolution or any post-closing questions you may have regarding the servicing of your loan. We strive to have your experience with New American Funding a stellar one. In the rare case that our service did not meet your expectations, please call our customer care hotline at 1-800- 450-2010, ext. 7100 or you may contact us by email customerservice@nafinc.com. Please leave a detailed message and we will follow up with you no later than the end of the next business day. If you are using a screen reader or other auxiliary aid and are having problems using this website, please call 800-450-2010 Ext. 7100 for assistance.

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