620
Poor — FHA Only, High Cost
You're in FICO's "Fair" tier — outside the bottom 15%, with real paths to conventional approval as you climb toward 670. (Experian 2025 Consumer Credit Review)
Approved Lenders
FHA-approved lenders only (3.5% down required)
Est. Monthly Payment ($400K home)
$2,304/mo
vs 740 Score
+$323/mo · +$116,280 over 30yr
The Real Answer
A 620 score barely meets FHA minimums. You'll pay the highest rates and face PMI costs. 60-90 days of credit repair could significantly improve your position.
💳 Your Score is Costing You Money
$116,280 more
vs a 740 score on the same $400K home over 30 years
🛡️ Fix My Score — Sky Blue Credit #ad
Not financial advice · Individual results vary
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Next Steps
The Real Story at 620
A 620 score is the minimum for FHA loans. You qualify — but you are paying significantly more than borrowers above 680. The gap on a $350K loan is roughly $40,000 over 30 years.
💡 Banker's Tip for 620
The fastest path from 620 to 680: dispute any collections under $500, get credit utilization below 10%, and become an authorized user on a family member's old account.
Best Cities for a 620 Score
Data Table
| City | Price Range | Verdict |
|---|
| Detroit, MI | $180K-$280K | ✅ Workable |
| Cleveland, OH | $160K-$260K | ✅ Workable |
| Memphis, TN | $170K-$270K | ✅ Workable |
Frequently Asked Questions
What is the minimum credit score for a mortgage?
FHA loans accept scores as low as 580 (with 10% down) or 500 (with 10% down). Conventional loans typically require 620+. VA and USDA loans have no official minimum but most lenders require 620+.
How long does it take to improve a 620 credit score?
Most people see meaningful improvement in 60-90 days with focused action. Significant improvements (40+ points) typically take 6-12 months. The fastest wins come from reducing credit utilization and disputing errors.
Should I wait to buy a house until my credit improves?
It depends on your market and timeline. A 60-point improvement could save $40,000+ over 30 years — often worth 3-6 months of waiting. But if home prices are rising faster than your interest savings, buying sooner may make more sense. Run the numbers for your specific situation.
The half of the answer almost nobody publishes free
Credit-score thresholds are the visible half of qualifying. The other half is which lender receives your file — and that half is measurable. In the complete 2025 federal HMDA record (1,187,606 FHA applications that reached a credit decision), denial rates across the 100 largest FHA lenders ranged from 1.8% to 78.7%. Same federal program, same year: a 44× spread.
And it is not simply a matter of who applies where. Holding state, loan amount, income, debt-to-income and loan-to-value constant across 24,933 borrower-profile cells, applicant mix explains only a 2.9× range — while the observed spread stays 44×.
CFPB HMDA 2025, computed by FinanceRateCalc · decisioned = actions 1,2,3 · rates partly reflect applicant mix · historical observation, not a prediction about any individual application · free, CC BY 4.0.
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