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
In 2017, the minimum credit score required to buy a house generally ranged from , though the "best" terms typically required a score of 740 or higher . While many programs theoretically allowed lower scores, the actual median FICO score for all approved mortgages in January 2017 was 722 . 2017 Minimum Score Requirements by Loan Type 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) The scores of people who actually closed on
Lenders used different benchmarks depending on the specific mortgage program: Average Scores of Approved Borrowers (January 2017) Lenders
: Technically had no government-mandated minimum, but most private lenders in 2017 enforced a baseline of 620 .
: Lenders generally looked for at least a 640 for automated approval, though manual underwriting was sometimes possible for lower scores.
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