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
Lenders used different benchmarks depending on the specific mortgage program: what credit score to buy a house 2017
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 The scores of people who actually closed on
: Most required a minimum of 620 . Only about 4% of approved conventional borrowers in early 2017 had scores below 650. FHA Loans : These offered the most flexibility: 580 for a 3.5% down payment. 500 if the borrower could provide a 10% down payment. FHA Loans : These offered the most flexibility: 580 for a 3
: Reserved for high-value properties, these typically required a minimum of 700 to 720 . Average Scores of Approved Borrowers (January 2017)