From the RatesQ team · Sample question

What credit score do I need for a conventional loan?

This educational scenario and its sample explanations are not posts from real users.

I keep seeing different numbers online. Some say 620, some say 640, some say 700+. My current score is 658 and I'm hoping to buy in the next 3-4 months. Where do I actually stand?

Quick Summary

  1. Credit requirements vary by loan program and lender.
  2. Credit history can affect pricing and mortgage-insurance charges.
  3. An eligibility review also considers income, debt, assets and the property.

Sample explanations

From the RatesQ team

The 620 minimum is the GSE guideline (Fannie/Freddie) but many lenders add overlays requiring 640 or 660. At 658 you're technically eligible for conventional but might face a narrower lender pool. The bigger hit at 658 vs 680 is often in pricing — both the rate and PMI cost will be better at 680+. If you have 3-4 months, try to push to 680.

From the RatesQ team

At 658 you can get conventional financing, but I'd look at what's dragging the score. If it's high utilization (credit cards above 30% of limit), paying those down can move the needle 20–40 points in a billing cycle or two. Don't close old accounts or open new ones right before applying. Also, get pre-approved now with a few lenders — the pre-approval credit pull has minimal impact, and you'll get real rate quotes based on your actual profile, not generic estimates.

From the RatesQ team

I went from 642 to 691 in 2 months by paying down 2 credit cards to under 10% utilization. Way faster than I expected. Definitely worth trying.