Complete Credit Score for Mortgage Guide
Written by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
Your credit score is one of the biggest factors in qualifying for a mortgage and the rate you receive. Knowing the score each program needs helps you target the right loan and the best terms in Florida.
This guide explains the score thresholds by loan type, how scores affect your rate, and how to improve before applying. Mortgage Capital, NMLS# 1859012, helps Florida buyers qualify at every score level.
Score thresholds by loan type
FHA allows a 580 score for 3.5% down and 500 to 579 with 10% down. Conventional loans generally want 620 or higher. VA and USDA have no set minimum, though lenders usually look for around 580 to 620.
Knowing your program's floor tells you whether you qualify and where to aim.
How scores affect your rate
Higher scores earn lower rates. On conventional loans, pricing improves at thresholds like 660, 700, 740, and 760. Crossing one can noticeably lower your payment.
Even a 20-point gain can move you into a better pricing tier, so small improvements matter.
Which score lenders use
Mortgage lenders pull all three bureaus and typically use the middle of the three scores. For joint applicants, they often use the lower middle score of the two.
This is why one strong bureau is not enough; your middle score drives the decision.
Improving your score before applying
The fastest gains come from lowering credit card balances and disputing errors. Avoid new credit and keep every payment on time in the months before you apply.
Do not close old accounts, which can shorten your history and reduce available credit.
Qualifying at lower scores in Florida
If your score sits in the 500s or low 600s, FHA is usually the path forward. We tell you exactly which threshold to chase so your effort changes your loan, not just your number.
A short, focused plan often moves you into a better program or rate within a few months.
Complete Credit Score for Mortgage Guide: step by step
Frequently asked questions
What credit score do I need for a mortgage?
580 for FHA at 3.5% down, 620 for most conventional loans, and around 580 to 620 for VA and USDA based on lender overlays.
Which credit score do mortgage lenders use?
They pull all three bureaus and typically use the middle score. For couples, often the lower applicant's middle score.
How does my score affect my rate?
Higher scores earn lower rates. Pricing improves at thresholds like 660, 700, 740, and 760 on conventional loans.
Can I get a mortgage with a 580 score?
Yes, through FHA at 3.5% down. Pushing to 620 opens conventional options and better pricing.
How can I raise my score fast?
Lower credit card balances, dispute errors, and avoid new credit while keeping every payment on time.
Does checking my score hurt it?
No. Checking your own report is a soft inquiry that never affects your score.
Do VA and USDA loans have a minimum score?
No official minimum, but most lenders look for roughly 580 to 620 through their own overlays.
Should I close old credit cards to improve my score?
No. Old accounts lengthen your history and add available credit, both of which help your score.