620 Credit Score Conventional Loan
620 is the conventional minimum. You can put just 3% down, but you are at the bottom of the pricing ladder.
By Onias Derilus, Mortgage Capital · NMLS# 1859012 · Last Updated: June 2026
A 620 credit score is exactly the conventional loan minimum. You can put as little as 3% down and, unlike FHA, cancel mortgage insurance once you hit 20% equity. The catch is that 620 is the worst conventional pricing tier, so your rate and PMI are higher than they will be at 640, 660, or 700.
The Bottom of the Ladder
Conventional rewards higher scores steeply, and 620 sits at the bottom. Your PMI in particular will be noticeably higher than a buyer just one tier up. That is the trade-off for qualifying at the minimum.
For some 620 buyers, FHA is actually cheaper month to month despite conventional's long-term advantage. And if you can nudge the score to 640, the PMI drops with no other change. We price both and check how close the next tier is.
| Factor | Conventional at a 620 Score |
|---|---|
| Down Payment | 3% (first-time buyers) |
| PMI | Highest conventional tier |
| PMI Cancels | Yes, at 20% equity |
| Compare | FHA may be cheaper now |
620 Score Conventional Loan — FAQ
Yes, 620 is the conventional minimum, and you can put as little as 3% down. The trade-off is that 620 is the worst pricing tier, so your rate and PMI are higher than at 640 or above. FHA is sometimes cheaper at this score.
Often worth it. PMI and rate improve at 640 and again at 660. If you can reach the next tier with a small balance paydown, it lowers your monthly cost with no other change. We tell you how close you are.
A Conventional Loan With a 620 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.