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What is the credit score that is needed to get the best mortgage rate on a 30 year fixed loan?

by melissa345 from Oceanside, California. Jul 28th 2016 Reply


Generally speaking the best pricing starts at 740 but that is not the only factor involved with loan pricing. A full analysis is required for a true answer If you would like a free analysis please give me a call 707 328-2864

Jul 29th 2016
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,795 contributions

For the best pricing, a 760 or above would be needed, but it varies with the loan product your looking for.. But there are other factors that go into loan pricing.. How much are you looking to finance? Larger loan amounts get better pricing.. What percentage are you putting down? 10%, 20% 40%.. the larger the down payment, the better the rate.. What property type are you looking to purchase? Single family home? Condo? Duplex, triplex or 4ples? Each of these property types have different loan pricing.. What about occupancy? Primary residence, 2nd home, or investment? Again, each of these has different loan pricing.. As you can see, there's much more info needed to advise you.. this is why I suggest you contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Jul 29th 2016
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,446 contributions

Depends on the program. For government loans (FHA, VA, USDA), anything over 640 will get you the great rate. On standard conventional loans, the best pricing is at 760 or higher, and the rate starts to creep up for ever 20 points lower. So for example, a 720 score is a slightly higher rate than a 740 score.

Jul 29th 2016
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Larry Gray (lgray_312_247)
#5 ranked lender in California - 1,127 contributions

As one who has spent years helping many potential homeowners improve their credit scores, but also providing loans for people with lower credit scores than most banks allow, I am pleasantly surprised at the low rates I can get for minimal credit scores per an FHA, USDA OR VA LOAN. Now conventional is different. Rates for a special first time homebuyer conventional loan are set a little higher than normal conventional rates, with 3% down payment. However, they will not get any better with 20% down on a normal conventional loan. You need to have very good credit scores for the best rates on a conventional 30 yr. fixed (i.e 740 or greater).

Aug 3rd 2016
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