What Credit Score Do You Need to Buy a Home?

For an FHA loan you need a credit score of at least 580 to buy with the minimum 3.5% down, and scores from 500 to 579 can still qualify with at least 10% down. For a conventional loan backed by Fannie Mae, there is no fixed minimum when the loan is approved through its automated system, but a manually underwritten loan needs at least 620 for a fixed rate or 640 for an adjustable rate.

Those are the floors. Your score also sets the rate and fees you're offered, and lenders can set stricter minimums of their own. In NYC, a co-op board may look at your credit too.

Minimum credit scores by loan type

Which score lenders actually use

You don't have one credit score. You have different scores from each of the three nationwide credit bureaus, and different models produce different numbers. The score on your banking app may not match what a mortgage lender sees.

The scoring models

For loans sold to Fannie Mae and Freddie Mac, the Federal Housing Finance Agency (FHFA) controls which models are allowed. As of its October 2026 update:

1. Nov 2020

   Classic FICO validated

   Still approved. FHFA says no retirement date has been announced.

2. Oct 2022

   FICO 10T and VantageScore 4.0 validated

3. Jul 8, 2025

   Interim policy

   Lenders may use either VantageScore 4.0 or Classic FICO, under the existing three-bureau (tri-merge) rules.

4. Apr 22, 2026

   VantageScore 4.0 rollout begins

   Limited rollout. FICO 10T added to the Selling Guides but not yet deliverable.

5. Sep 9, 2026

   VantageScore 4.0 open to all approved lenders

6. Sep 30, 2026

   Upfront fees aligned

   Fannie Mae and Freddie Mac upfront fees aligned across Classic FICO and VantageScore 4.0.

The lender picks the model for each loan, and every borrower on that loan must be scored with the same model. Credit-report rules are unchanged for now: lenders still pull reports from the bureaus as before.

Which of your scores counts

FHA's rule is spelled out in HUD's handbook. With three scores, the lender uses the middle one. With two different scores, it uses the lower. With one, that score. With more than one borrower, the lender takes each person's score that way and then uses the lowest of them. Fannie Mae, by contrast, uses the average of the borrowers' median scores when there is more than one borrower.

If one buyer has much weaker credit, it can be worth asking a lender to compare applying together vs. one buyer alone, as long as the income still qualifies. See buying a home with a partner.

How your score changes what you pay

Meeting the minimum gets you in the door. A higher score gets you a better price. The Consumer Financial Protection Bureau says that applying with a higher credit score generally means you are offered lower interest rates and have more lenders to choose from. Fannie Mae and Freddie Mac also charge lenders upfront fees tied to credit scores (FHFA aligned them across the two scoring models in September 2026), and lenders usually pass those costs on through your rate or closing costs.

Credit also affects how you pay for a small down payment. With less than 20% down on a conventional loan you usually pay private mortgage insurance. The CFPB notes that whether an FHA or other loan costs more or less than a conventional loan with PMI depends on your credit score, down payment, the lender and market conditions. Compare both on real Loan Estimates, and estimate PMI with the PMI calculator.

To see what a rate difference means in dollars, plug two rates into the mortgage calculator. On a $500,000 30-year loan, each quarter point of rate changes the monthly principal and interest by roughly $80 to $85 when rates are between 6% and 7%.

Shopping for a mortgage won't wreck your score

According to the CFPB, credit inquiries for the same type of loan within 14 to 45 days of each other are generally counted as one inquiry, depending on the scoring model. For the most common models, mortgage inquiries in the 30 days before scoring have no effect at all. So get your quotes within a few weeks of each other rather than spread over months. See mortgage pre-approval.

NYC co-op boards and your credit

If you're buying a co-op, your lender's approval isn't the last word. Co-op boards review a full financial package, which typically includes a credit report, and each building sets its own standards. There is no citywide minimum score, and boards don't have to publish theirs. Ask the listing agent or managing agent what the building usually expects, and read:

• Co-op financial requirements: DTI, liquidity and down payment
• Co-op board package checklist
• Will I pass the co-op board financials?

Condos generally don't run a financial approval like co-ops do, so your lender's credit standards are usually what matter. See co-op vs condo.

Get ready: 90-day credit plan before you apply

1. 1

   Pull all three credit reports

   AnnualCreditReport.com is the only site authorized for the free reports required by law, and the FTC says the bureaus now let you check each one free every week.
2. 2

   Dispute real errors

   Wrong balances, accounts that aren’t yours or late payments that weren’t late. Disputes take time, so start early.
3. 3

   Pay down card balances

   Lower balances also cut the minimum payments lenders count in your debt-to-income ratio. Ask your lender which balances matter most for your scores.
4. 4

   Pause new credit

   Avoid new car loans, store cards or financing until after closing. New debt can also hurt your debt-to-income ratio.
5. 5

   Ask a lender to run your actual mortgage scores

   A pre-approval shows the scores the lender will use. Some lenders can show which changes would help most.

More detail: how to improve your credit score before a mortgage and debt-to-income ratio.

General information, not lending advice. Program rules change; confirm current requirements with your lender.