Most lenders look for at least a mid-600s credit score for a conventional loan — and scores of 740 or higher unlock the sharpest rates and lowest PMI. Here is exactly how score tiers affect your approval and pricing.
Pricing grids are not one-size-fits-all, but these ranges are a practical way to set expectations.
740+
Best pricing
Top-tier interest rates and the lowest conventional PMI brackets.
700–739
Strong
Competitive rates; solid PMI pricing for most down-payment levels.
660–699
Common qualifying range
Many buyers close here with clean income docs and manageable DTI.
620–659
Possible with overlays
May qualify with stronger down payment, reserves, or compensating factors.
Below 620
Usually not conventional
FHA (580+ with 3.5% down) or Non-QM paths are often a better fit.
Your credit score influences two big costs: the interest rate (loan-level price adjustments) and PMI when you put less than 20% down. A 40–60 point jump can matter more than shopping another lender.
Lenders use the middle score of three bureaus (or the lower of two). We pull credit the right way, explain what we see, and tell you whether waiting to apply is worth it.
You still have paths to homeownership — and we will be honest about which one saves you money.
Related guides to help you compare options and move toward pre-approval.
How conforming loans, PMI, and loan limits work.
Income, DTI, reserves, and property guidelines.
Run payment scenarios with our conventional calculator.
Compare payment tools across every major program.
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Many conventional programs start around 620. A score of 660–680 is more commonly preferred, and 740+ typically earns the best interest rates and PMI pricing.
Sometimes — if income, down payment, reserves, and DTI are strong. Lender overlays vary, so a personalized review is the only way to know for sure.
Yes. PMI rates are heavily credit-driven. Moving from the mid-600s into the 700s can meaningfully cut monthly PMI.
Often yes if a short timeline of on-time payments, utilization fixes, or error disputes can lift you into a better pricing tier. We can model the rate and PMI difference first.
We will pull credit, show your conventional pricing tier, and map the fastest path to approval.