620 Credit Score FHA Loan
FHA is comfortable at 620, but this is the first score where conventional becomes a real alternative worth pricing.
By Onias Derilus, Mortgage Capital · NMLS# 1859012 · Last Updated: June 2026
At 620 an FHA loan still works smoothly, with 3.5% down and easy underwriting. The difference at this score is that conventional financing just opened up too, so for the first time you have a real choice. Sometimes FHA still wins on monthly cost; sometimes conventional wins on long-term savings.
FHA or Conventional at 620
FHA stays friendlier on debt ratios and past credit issues, which matters if your 620 came after a rough patch. The catch is mortgage insurance for the life of the loan.
Conventional at 620 lets you cancel PMI at 20% equity, but the pricing at this score is the worst in the conventional range. We run both quotes side by side rather than assuming one wins.
| Factor | FHA at a 620 Score |
|---|---|
| Down Payment | 3.5% |
| Mortgage Insurance | Life of loan |
| Approval Odds | Strong |
| Alternative | Conventional now available |
620 Score FHA Loan — FAQ
It depends on the numbers. FHA is easier on debt ratios and past credit, but its insurance lasts the life of the loan. Conventional lets you cancel PMI later, but 620 is its worst pricing tier. We compare both with your income and debt before you decide.
Yes, FHA approves comfortably at 620 with 3.5% down. The reason to think twice is that 620 also opens conventional, which can save money long term, so it is worth pricing both.
A FHA 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.