580 Credit Score Conventional Loan
Conventional needs 620, so at 580 you are 40 points short — a reachable gap. FHA works for you right now.
A conventional loan needs a 620 credit score, so at 580 you are 40 points short. That is a reachable gap, often a few months of focused work. Right now, FHA at 580 gives you 3.5% down and is the standard path for buyers at this score, with the option to refinance into conventional once you cross 620.
40 Points From Conventional
At 580 you already qualify for FHA with 3.5% down, so you are not stuck. Conventional just is not open until 620. The advantage of waiting for conventional is cancellable mortgage insurance and better long-term cost.
If 620 is within a few months' reach, it can be worth it. If you want to buy now, FHA at 580 plus down payment assistance gets you into a home, and conventional becomes a refinance target later. We lay out both with real numbers.
| Factor | Conventional at a 580 Score |
|---|---|
| Conventional Minimum | 620 |
| At 580 | Not yet |
| Gap to Qualify | 40 points |
| Works Now | FHA (3.5% down) |
What a 580 score changes for Conventional Loan
Credit scores work in bands rather than single points, so the score either side of yours is what decides whether the terms move. Here is what the nearest bands do to a conventional loan in Florida, and what the same 580 reaches on other programs today.
Drop to 570: Not yet — 50 points from the floor. See 570 with Conventional Loan
Reach 600: Almost — 20 points from eligible. See 600 with Conventional Loan
If you are close to the band above, it is usually worth asking a lender what it would take to get there before you lock anything in. Paying down a revolving balance is the fastest lever most borrowers have, and it can move a score within one billing cycle.
One thing worth knowing before you read too much into a number: lenders do not use the score you see on a free credit app. They pull all three bureaus and work from the middle score, and on a joint application they use the lower borrower’s middle score. Ask which score a lender is working from before you assume you sit in a particular band.
What else a 580 score reaches
FHA Loan at 580: Best entry point — 3.5% down.
VA Loan at 580: Entry point — 0% down.
Jumbo Loan at 580: Not available — still far below jumbo.
Refinance at 580: FHA refinance works; conventional at 620.
580 Credit Score Conventional Loan — FAQ
Not yet. Conventional requires 620, so at 580 you are 40 points short. You can buy now with FHA at 3.5% down and refinance into conventional once you reach 620, or build the score first if you are close.
Sometimes. Conventional lets you cancel mortgage insurance and usually costs less long term. If 620 is a few months away, waiting can pay off. If you want to buy now, FHA at 580 is a solid path. We compare both.
Verify the details for your own situation against these government and agency sources: HUD FHA loan program and HUD Handbook 4000.1 (FHA rules).
A Conventional Loan With a 580 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.