In 2017, your credit score directly dictated your interest rate (APR). For a 30-year fixed mortgage, the average differences were stark: : ~3.87% APR 700–759 : ~4.09% APR 620–639 : ~5.46% APR Comparing FHA Credit Score Requirements to Other Mortgages
: Lenders generally looked for at least a 640 for automated approval, though manual underwriting was sometimes possible for lower scores. what credit score to buy a house 2017
: Reserved for high-value properties, these typically required a minimum of 700 to 720 . Average Scores of Approved Borrowers (January 2017) In 2017, your credit score directly dictated your
The scores of people who actually closed on homes in 2017 were often significantly higher than the minimums: Average FICO Score 722 Conventional 752 FHA 686 VA 707 The Financial Impact of Your Score Average Scores of Approved Borrowers (January 2017) The
: Most required a minimum of 620 . Only about 4% of approved conventional borrowers in early 2017 had scores below 650. FHA Loans : These offered the most flexibility: 580 for a 3.5% down payment. 500 if the borrower could provide a 10% down payment.