720 Credit Score Conventional Loan
A 720 earns strong conventional terms with low PMI. The last pricing break sits at 740, just ahead.
By Onias Derilus, Mortgage Capital · NMLS# 1859012 · Last Updated: June 2026
A 720 credit score earns strong conventional pricing. Your PMI is low, your rate is competitive, and you are in good shape. The one thing left on the table is the final break at 740, where conventional pricing tops out. At 720 you are one step from the best tier, so the only real question is whether the last 20 points are within easy reach.
One Break From the Top
At 720 conventional is working well: low PMI that cancels at 20% equity, no upfront insurance, and a strong rate. For most buyers this is more than enough.
The 740 tier shaves PMI and rate a little further. If 720 is your settled score, locking now is perfectly reasonable. If 740 is a quick correction or paydown away, it can be worth the brief wait.
| Factor | Conventional at a 720 Score |
|---|---|
| PMI | Low, cancellable |
| Rate | Strong |
| Final Break | 740 (best tier) |
| Smart Move | Reach 740 only if it is close |
720 Score Conventional Loan — FAQ
Yes. At 720 you get low, cancellable PMI and a competitive rate. The only tier above is 740, where pricing tops out, so a 720 is already in strong shape.
Only if it is close. The 740 tier trims PMI and rate a little more, but it is a smaller gain than earlier breaks. If 740 is a quick paydown away it can be worth it; otherwise 720 is fine to lock.
A Conventional Loan With a 720 Score?
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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.