For conventional conforming loans, a 620 credit score is typically the minimum for consideration, while government-backed loans tend to offer more flexibility with lower credit scores (more on that below).Ĭredit scores generally range from 300 to 850, though some scoring models for auto loans and bank credit cards can stretch from 250 to 900. There is no credit score threshold that will definitely disqualify you from getting a mortgage, but the lower your score, the harder it will be to find a lender to approve you for a loan. What is a bad credit score for a mortgage? By moving into a better range, you’ll improve your odds of securing a mortgage, and one with a lower interest rate, when you do decide to apply for a home loan. Instead of trying to buy a house with bad credit right now, you can instead focus your energy on improving your credit. However, there are lenders who offer financing to borrowers with poor or bad credit, and your score isn’t set in stone. If your credit score is low, you might assume that getting approved for a mortgage is impossible. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site.
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Check out free websites such as Credit Karma to get a report. It's important to routinely review your credit report, and check to see what events have negatively impacted your credit.
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