A 620 credit score sits right on the edge of what most mortgage lenders call prime. You will get approved, but the rate, the PMI, and the paperwork stack all look heavier than they do for a borrower with 740.
Understanding what programs actually qualify at 620 helps you pick the cheapest path into a house. It also shows you whether waiting a few months to raise your score might save you tens of thousands over the life of the loan.
Before you apply, pulling your full three-bureau report is smart. A free service like Dovly can show you exactly which accounts are dragging your middle score down, since mortgage lenders use the middle of your three scores, not the highest.
The Short Answer
Yes, you can get approved for a mortgage with a 620 credit score. Multiple loan programs list 620 at or below their minimum, and many borrowers close every month at that tier.
The catch is cost. At 620, you typically pay a higher interest rate, higher mortgage insurance, and sometimes a higher down payment. Lenders may also add overlays, which are stricter rules on top of the program minimum.
Loan Types Available at 620
FHA loans have a 580 minimum score with 3.5 percent down, or 500 with 10 percent down. At 620, almost every FHA lender will work with you, and pricing tends to be competitive.
VA loans have no official minimum score from the VA itself, but most lenders require 580 to 620 as an overlay. If you qualify for a VA loan, 620 is usually enough, and there is no down payment required.
Conventional loans generally require a 620 minimum score for Fannie Mae and Freddie Mac. Down payments can be as low as 3 percent with programs like HomeReady and Home Possible. USDA loans for rural areas also set 640 as a common overlay, though some lenders go down to 620 with manual underwriting.
What Your Rate Looks Like at 620 vs 740
In the current market, a 740 borrower might see a 30-year fixed rate around 6.6 percent, while a 620 borrower on the same loan often sees 7.5 to 8.0 percent. That spread adds up fast.
On a $300,000 mortgage, moving from 7.8 percent to 6.6 percent saves roughly $250 per month, or about $90,000 over 30 years. That is a real number worth chasing if you are close to a higher tier.
Conventional loans use loan level price adjustments that bump the rate more aggressively below 680. FHA rates are flatter by score, which is why many 620 borrowers choose FHA even if they could technically qualify for Conventional.
PMI and Higher DTI Requirements
With Conventional at 620, private mortgage insurance is much more expensive. A 620 borrower putting 5 percent down might pay 1.2 percent in PMI versus 0.35 percent for a 760 borrower.
FHA mortgage insurance is flat regardless of score, currently 0.55 percent for most loans. That is one reason FHA often wins at lower credit tiers.
Debt-to-income ratio limits tighten at 620 too. Automated underwriting may accept DTIs up to 50 percent on FHA, but many Conventional lenders cap at 43 to 45 percent for a 620 borrower.
What Lenders Want Beyond the Score
A 620 score gets you into the room. What keeps you there is the rest of your file.
Lenders look hard at the past 12 to 24 months of payment history. Zero late payments in the last year is often more important than your exact score. They also want 2 to 6 months of reserves in the bank after closing.
Employment stability matters too. Two years in the same field with documented income is the standard. Self-employed borrowers at 620 should expect to provide 2 years of tax returns and a profit and loss statement.
How to Bump From 620 to 680 in 3 to 6 Months
The fastest wins come from lowering credit card utilization. Getting every card below 10 percent of its limit can add 20 to 50 points in a single reporting cycle.
Pay down any collection balances you can, especially recent ones. Some FICO versions ignore paid medical collections entirely.
If your file has few tradelines, adding a starter card like the Self Visa® Credit Card or a credit builder loan can build positive history fast. Ask a family member with a long, clean credit card history to add you as an authorized user, since that account can inherit their history onto your report within one cycle.
Dispute any errors with Dovly or directly with the bureaus. Removing one incorrect late payment can jump a 620 file past 680 if the rest of the profile is clean.
Related: Credit Score Needed to Buy a House
Related: How to Get Pre-Approved for a Mortgage
Frequently Asked Questions
What down payment do I need with a 620 credit score?
FHA requires 3.5 percent down at 620. Conventional loans may go as low as 3 percent, though many lenders require 5 percent at this score tier. VA and USDA loans can allow 0 percent down for eligible borrowers.
Is FHA or Conventional better at a 620 score?
FHA is usually cheaper at 620 because its mortgage insurance is flat and rates are less sensitive to score. Conventional can win if you plan to refinance within a few years or if you can put 20 percent down to avoid PMI entirely.
How long should I wait to apply if my score is 620?
If you have 3 to 6 months before you need to buy, raising your score first can save tens of thousands in interest. If you are ready now, 620 is a real number with real approvals, and you can refinance later once your score improves.
Do lenders use my highest credit score for a mortgage?
No. Mortgage lenders pull all three bureaus and use the middle score. If you have two borrowers on the loan, they typically use the lower of the two middle scores, so both credit files matter.
