# Credit score

> A credit score predicts how likely you are to repay a loan on time. The minimum scores for FHA and conventional mortgages and how rate shopping affects it.

URL: https://mortgage-math-us.com/glossary/credit-score/  
Last reviewed: 2026-10-29 · By the MortgageMath US Editorial team

## Quick answer

A **credit score** is a three-digit number that predicts how likely you are to repay a loan on time, calculated from the information in your credit reports by a scoring model. You have more than one, since scores vary by model and date, and mortgage lenders use them to decide whether you qualify and what rate and mortgage insurance price you get.

## Key facts

| Fact | Value | Source | As of |
|---|---|---|---|
| FHA, minimum down payment | 580 | [HUD Mortgagee Letter 2026-11](https://www.hud.gov/sites/default/files/hudclips/documents/2026-11hsgml.pdf) | Oct 8, 2026 |
| FHA, lowest eligible score | 500 | [HUD Mortgagee Letter 2026-11](https://www.hud.gov/sites/default/files/hudclips/documents/2026-11hsgml.pdf) | Oct 8, 2026 |
| Fannie Mae, manually underwritten fixed-rate loans | 620 | [Fannie Mae Selling Guide B3-5.1-01](https://selling-guide.fanniemae.com/sel/b3-5.1-01/general-requirements-credit-scores) | Apr 22, 2026 |
| Mortgage credit checks in this window count as one | 45 days | [CFPB](https://www.consumerfinance.gov/ask-cfpb/what-exactly-happens-when-a-mortgage-lender-checks-my-credit-en-2005/) | Aug 28, 2026 |

## Minimum scores by loan type

*Credit score minimums*

| Loan | Minimum |
|---|---|
| FHA, 3.5% down | 580 |
| FHA, 10% down | 500 |
| Conventional, manual underwriting | 620 (fixed rate) |
| Conventional, Fannie Mae DU | No fixed minimum; the system weighs the score with the rest of the file |

Lenders can set higher minimums of their own. Above the minimum, a higher score generally brings a lower rate and, with less than 20% down, cheaper [private mortgage insurance](https://mortgage-math-us.com/glossary/private-mortgage-insurance/).

## Rate shopping and your score

Score factors include your payment history, how much of your available credit you use, the age and mix of your accounts, new applications, and any collections, foreclosure or bankruptcy. Shopping for a mortgage is treated kindly: multiple mortgage credit checks within 45 days generally count as a single inquiry, so get your [pre-approval](https://mortgage-math-us.com/glossary/pre-approval/) quotes close together. Check your reports for errors before you apply; the [credit score guide](https://mortgage-math-us.com/buying/credit-score/) covers how.

## Related terms

- [Underwriting](https://mortgage-math-us.com/glossary/underwriting/) and [debt-to-income ratio](https://mortgage-math-us.com/glossary/debt-to-income-ratio/)

## Sources

- [CFPB](https://www.consumerfinance.gov/owning-a-home/prepare/figure-out-how-much-you-want-to-spend/) — Minimum FHA down payment (Oct 28, 2026)
- [HUD Mortgagee Letter 2026-11](https://www.hud.gov/sites/default/files/hudclips/documents/2026-11hsgml.pdf) — FHA minimum score for maximum financing; FHA minimum decision credit score (90% LTV cap from 500 to 579) (Oct 8, 2026)
- [Fannie Mae Selling Guide B3-5.1-01](https://selling-guide.fanniemae.com/sel/b3-5.1-01/general-requirements-credit-scores) — Fannie Mae minimum score, manually underwritten fixed-rate loans (Apr 22, 2026)
- [CFPB](https://www.consumerfinance.gov/ask-cfpb/what-exactly-happens-when-a-mortgage-lender-checks-my-credit-en-2005/) — Mortgage credit checks within this window count as one inquiry (Aug 28, 2026)
- [CFPB: What is a credit score?](https://www.consumerfinance.gov/ask-cfpb/what-is-a-credit-score-en-315/)

_General information, not financial advice._