Things you can do with a 650 Credit Score
When applying for an Federal Housing Administration (FHA) loan, you’ll need at least a 580 score to be approved.
However, 640 is the lowest for conventional loans.
This puts anyone with a 650 credit score at a good position to receive the financing they need.
How good is a 650 credit score?
A 650 FICO score is generally considered to be Fair. If you have a 650 credit score, you may still be denied some loans and credit cards — and you may be forced to pay higher interest rates for the ones you are approved for. You need at least a 700 score to have Good credit — but 650 isn’t considered Poor either.
Is a 650 credit score good for a home loan?
For many conventional loans, the lowest credit score you can have and still be approved is 620. The Federal Housing Administration allows for at least a 580 credit score with a 3.5% down payment. Yet, if your score is between 500 – 579, you can still be approved. You’ll just have to put down 10%.
What kind of loan can I get with a 650 credit score?
Home Loan: 600-650 Credit Score
With a score below 700, your best bet for finding a home mortgage will likely be with an FHA-insured mortgage backed by the Federal Housing Administration (FHA). These loans have low down payment requirements and impose no minimum credit score qualifications.
Can I buy a house with a 700 credit score?
Mortgage interest rates with a 700 credit score. Generally, you need a credit score of 620 or better to qualify for a conventional Fannie Mae loan or an FHA loan with a 3.5 percent down payment. If you’re interested in a no-down payment USDA loan, the minimum credit score rises to 640.