Credit Score | Mortgages

If you want a mortgage, you're going to need a credit score. Credit scores range from 300 - 850, and the higher your score is, the better. Your score is made up of data collected from your credit report and is compiled by three bureaus. Your lender may use one or al of these scores to determine if you qualify for a mortgage. Credit Score & 580 Mortgages 680 Minimum score to obtain an FHA mortgage. Minimum score to obtain a conventional mortgage. 620 Minimum score to obtain a VA mortgage. Credit scores are made up of the following: Payment History 35% Amounts Owed 30% 60 days Amount of time you should check your credit report Credit History Length 15% before applying for a loan. New Credit 10% Types of Credit 10% Lender4ii Source: MyFico.com