Any score between 700 and 749 is typically deemed “good,” while scores from 650 to 700 are “fair.” Excellent scores are usually those over 750.
While you can likely qualify for a home loan with a rate lower than the median, a higher credit score typically means better interest rates and loan options.
How much of a loan can I get with a 700 credit score?
Generally, you need a credit score of 620 or better to qualify for a conventional Fannie Mae loan or an FHA loan with a 3.5 percent down payment. If you’re interested in a no-down payment USDA loan, the minimum credit score rises to 640.
Is a credit score of 700 good?
For a score with a range between 300-850, a credit score of 700 or above is generally considered good. A score of 800 or above on the same range is considered to be excellent. Most credit scores fall between 600 and 750.
What is a decent credit score for a mortgage?
model for credit scores, which grades consumers on a 300- to 850-point range, with a higher score indicating less risk to the lender. A score of 800 or higher is considered exceptional; 740 to 799 is very good; 670 to 739 is good; 580 to 669 is fair; and 579 or lower is poor.
Does a good credit score help mortgage?
A FICO score between 620 and 650 is considered fair to good credit. But keep in mind, this range of credit scores does not guarantee you will qualify for a mortgage. With an FHA mortgage, however, a FICO score of 600 or higher is enough to qualify for the 3.5% down payment loan.
How much will a bank approve me for a mortgage?
Some lenders — including FHA lenders — will qualify you for a mortgage if you’ll spend up to 31% of your pretax income on housing and up to 43% on total debt payments.
Which FICO score does mortgage lenders use?
Here are the specific versions of the FICO formula used by mortgage lenders: Equifax Beacon 5.0. Experian/Fair Isaac Risk Model v2. TransUnion FICO Risk Score 04.