550 Credit Score Mortgage
A 550 sits just thirty points under the break that matters. You are closer than the number feels.
By Onias Derilus, Mortgage Capital · NMLS# 1859012 · Last Updated: June 2026
At 550 you can get an FHA loan with 10% down. You are only 30 points from 580, where the down payment drops to 3.5% and the lender pool widens. With a short, focused effort, most 550 buyers can reach that mark before they apply.
What 550 Can Do
FHA allows 550 with 10% down, subject to finding a lender below the standard 580 overlay. A clean, well-documented 550 file is placeable with the right investor.
VA, conventional, and USDA are still above you. At 30 points out, though, 580 is the realistic next step, and it is worth the wait for the lower down payment.
Thirty Points from 580
A 550 often needs only modest cleanup to clear 580: revolving balances under 30% of the limit and one or two derogatory items resolved.
We pull your report, point to the fastest wins, and tell you whether 580 is weeks or a few months away. That climb turns a 10% down payment into 3.5%.
What each loan program does at 550
A score does not qualify you on its own. It opens some programs, closes others, and changes the terms on the ones in between. Here is where a 550 lands on each program we write in Florida, with the detail behind every verdict a click away.
FHA Loan at 550: Possible with 10% down.
VA Loan at 550: Reachable with most manual lenders.
Conventional Loan at 550: Not yet — FHA now, refinance later.
Jumbo Loan at 550: Not available — keep building.
Refinance at 550: Streamline now, more options near 620.
Two things move these verdicts more than the score itself. The first is the lender, because most set their own floor above the program minimum and a file one lender declines can be straightforward at the next. The second is the rest of the file: steady income, a clean recent payment history, and cash left after closing will carry a borderline score further than a few extra points would.
550 Credit Score Mortgage: FAQ
Yes, FHA allows 550 with 10% down, but you need a lender that writes below the 580 overlay. Reaching 580 first lowers the down payment to 3.5%.
For most buyers, yes. You are only 30 points from 580, and crossing it cuts the down payment dramatically. A short credit plan usually beats buying at 10% down.
Lowering credit card utilization and resolving a collection. These typically produce the quickest lift. We map the specifics from your credit report.
Verify the details for your own situation against these government and agency sources: HUD FHA loan program and HUD Handbook 4000.1 (FHA rules).
Buying With a 550 Credit Score?
Get matched to the right Florida loan for your score · Licensed FL mortgage broker NMLS# 1859012
Rates are illustrative only. APR and payments vary by credit score, loan amount, and market conditions. Subject to credit approval. Not a commitment to lend. NMLS# 1859012. Equal Housing Lender.