Mortgage Rates by Credit Score
Best Mortgage Rate for 620 Credit Score
A 620 credit score qualifies for FHA, VA, and Conventional financing. FHA typically prices better than Conventional in this bracket because of how Conventional risk-based pricing adjustments stack at lower scores. The pricer compares all three so you can see exactly which is cheaper for your scenario.
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 620 FICO Affects Pricing
| Program | Min FICO | Your standing at 620 | Notes |
|---|---|---|---|
| Conventional | 620 | Eligible (tight) | 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 620 credit score?+
The "best" rate depends on loan program, LTV, occupancy, and lock period. The pricer above returns live wholesale rates for a 620 FICO across Conventional, FHA, and VA. A 620 credit score qualifies for FHA, VA, and Conventional financing. FHA typically prices better than Conventional in this bracket because of how Conventional risk-based pricing adjustments stack at lower scores. The pricer compares all three so you can see exactly which is cheaper for your scenario.
Can I get a Conventional loan with a 620 FICO?+
Yes - 620 is the Conventional floor. At 620 FICO, expect meaningful risk-based pricing adjustments. FHA often prices better in this bracket; compare both in the pricer.
Is FHA or Conventional better at a 620 credit score?+
Usually FHA at this FICO. Conventional risk-based pricing adjustments stack on lower scores, often pushing the all-in cost above FHA even with the upfront MIP and monthly MIP. The pricer compares both directly.
Will I get a worse rate with a 620 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 620 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 620?+
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 620 FICO bucket.
Is the $2,000 Best Price Guarantee available at a 620 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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