What Credit Score Do You Need for a Mortgage?
What Credit Score Do You Need for a Mortgage in Florida?
By: Josh Jampedro, Home Loan Advisors
Video Transcript: What credit score do I need for a good loan program?
[00:00 - 00:08]
On-screen Text: What credit score do I need for a good loan program?
Josh: So, there are a variety of different loan programs, each of which have their own credit score requirements. So, for most loan programs, you need to have at least a 620 credit score.
[00:08 - 00:22]
There are a couple of different ways to look at your credit. So, Credit Karma, they use a different scoring algorithm—something called VantageScore—which is a little bit different than mortgage lenders use. So, if you're looking on there to figure out what your credit score needs to be, you probably want to stick closer to about a 650.
[00:22 - 00:35]
There are loan options that will allow you to go all the way down to 500, but those are typically going to be a little bit more difficult to qualify for. So, for a quality loan program with an affordable mortgage payment, generally speaking, you want to be at least 620 or above.
Executive Summary
Direct answer: Most loan programs require at least a 620 credit score. Options exist down to a 500, but those are harder to qualify for and typically come with a less affordable payment. If you're checking your score on Credit Karma, aim closer to 650, since it uses a different scoring model than mortgage lenders use.
What's the Minimum Credit Score for a Mortgage?
For most loan programs, you need at least a 620 credit score. There are a variety of loan programs available, and each one has its own credit requirements — 620 is the general baseline for a quality program with an affordable mortgage payment.
| Score Range | What It Means |
|---|---|
| 650+ (Credit Karma / VantageScore) | Comparable to a 620+ mortgage-lender score — solid position for most loan programs |
| 620+ (mortgage-lender score) | General minimum for a quality loan program with an affordable payment |
| 500-619 | Loan options exist, but they're typically harder to qualify for |
Frequently Asked Questions
Can You Get a Mortgage With a Credit Score Below 620?
Yes — some loan options go as low as a 500 credit score, but they're typically more difficult to qualify for. These lower-score programs exist, but they generally come with more friction in the qualification process and less favorable terms than a program available at 620 or above.
Why Does Your Credit Karma Score Look Different From Your Mortgage Score?
Credit Karma uses VantageScore, which is a different scoring model than the one mortgage lenders use. That means the number you see on Credit Karma won't line up exactly with what a lender pulls. If you're using Credit Karma to gauge where you stand, aim for closer to 650 to account for that gap, rather than relying on the 620 mortgage-lender benchmark.
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