Mortgage Rates by Credit Score
Best Mortgage Rate for 580 Credit Score
A 580 credit score is below the 620 Conventional minimum. You qualify primarily for FHA (3.5% down at 580+) and may qualify for VA loans depending on the lender's overlay. The pricer below shows live FHA and VA rates for this FICO bracket.
Want the full picture for your situation? You can pull a full readiness snapshot for your score - your three mortgage FICO scores and the programs you qualify for, from a soft pull that does not affect your score.
FHA Loan Facts
- Down payment as low as 3.5% with 580+ credit score
- Down payment assistance programs available to fully cover the 3.5% down payment
- Credit scores 500-579 require 10% down payment
- Upfront Mortgage Insurance Premium (UFMIP) of 1.75% - can be financed into the loan
- Annual MIP of 0.55% for most loans - required for the life of the loan with less than 10% down
- Maximum DTI up to 57% with compensating factors
- Primary residence only - properties up to 4 units eligible
- FHA 203(k) renovation loans available for fixer-uppers
How 580 FICO Affects Pricing
| Program | Min FICO | Your standing at 580 | Notes |
|---|---|---|---|
| Conventional | 620 | Not eligible | Risk-based pricing adjustments stack below 740 FICO |
| FHA | 580 (3.5% down) | Eligible | Most rate-friendly program at lower FICOs |
| VA | No published min | Eligible (subject to lender overlay) | 0% down, no MI - veteran/active-duty only |
Free readiness report
Not sure exactly what you qualify for? See it today.
A free Mortgage Readiness Report shows your three mortgage FICO scores and the loan programs and pricing open to you right now - no guesswork.
Get your free readiness reportSoft credit pull only - it does not affect your score.
Frequently Asked Questions
What is the best mortgage rate for a 580 credit score?+
The "best" rate depends on loan program, LTV, occupancy, and lock period. The pricer above returns live wholesale rates for a 580 FICO across Conventional, FHA, and VA. A 580 credit score is below the 620 Conventional minimum. You qualify primarily for FHA (3.5% down at 580+) and may qualify for VA loans depending on the lender's overlay. The pricer below shows live FHA and VA rates for this FICO bracket.
Can I get a Conventional loan with a 580 FICO?+
No. The Conventional minimum is 620. At 580 FICO, your options are FHA (3.5% down at 580+) and possibly VA depending on the lender's overlay.
Is FHA or Conventional better at a 580 credit score?+
FHA is your only conventional-class option at this FICO bracket. Conventional requires 620 minimum.
Will I get a worse rate with a 580 FICO than someone with 780 FICO?+
Yes - on Conventional loans specifically. Fannie Mae and Freddie Mac apply risk-based pricing adjustments based on FICO and LTV. The difference between a 580 FICO and a 780 FICO on a 95% LTV Conventional purchase can be roughly 0.5% to 1.5% in rate equivalent. FHA and VA pricing is less FICO-sensitive in middle brackets.
How can I improve my mortgage rate at 580?+
Three highest-impact moves: (1) increase your down payment to drop into a lower LTV bucket (each LTV bucket - 95, 90, 85, 80, 75 - is a meaningful pricing step), (2) pay off revolving balances to lift your FICO into the next 20-point bucket, (3) shop wholesale brokers vs retail. Rate Direct shows live wholesale pricing for your exact 580 FICO bucket.
Is the $2,000 Best Price Guarantee available at a 580 FICO?+
Yes - the Loan Factory $2,000 Best Price Guarantee is FICO-agnostic. It applies to qualifying fixed-rate Conventional, FHA, and VA loans of $200,000+ regardless of credit score, as long as the loan closes.
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