What credit score do I need for a conventional loan?
There is no single minimum score for every conventional mortgage. Fannie Mae’s automated system, called DU, has no fixed score minimum. A lender or mortgage insurer may still require one.
What this actually means.
Automated review considers your full application. Fannie Mae’s manual review generally requires 620 for a fixed-rate loan or 640 for an adjustable-rate loan, with program exceptions. A score used for approval is not always the same measure used for pricing. Ask which rules apply to your loan.
A simple example
Illustration only. This is not an approval or a loan offer.
Where this can move.
Automated or manual review, program, lender and mortgage-insurer rules, credit history, income, debts, cash and property.
Check the sources
Sources checked . Program guidance and lender requirements can change.
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More conventional questions on Credit.
Educational only. Conventional loan guidelines, lender overlays, rates, fees, PMI, LLPAs, and underwriting requirements can change. Final eligibility depends on full underwriting review. Mortgage Expert, Inc. is not affiliated with Fannie Mae, Freddie Mac, FHFA, or any government agency.