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The higher your credit score, the lower the interest rate on the mortgage. Borrowers with high credit scores tend to get lower interest rates on mortgages than borrowers with low credit scores. A credit score of 740 or higher qualifies for the best interest rates from most lenders.
For instance, you may be able to get a FHA loan with a credit score of just 580, as long as you can put 3.5 percent down. With a higher down payment of 10 percent, you may be able to get an FHA loan with even lower credit. One other option is to talk with banks in your area about specialized lending programs.s a rule of thumb, though, you'll need a FICO score of about 650 to get a conventional mortgage â and that's on the low end. Remember, the lower your credit score, the higher your mortgage's interest rate is likely to be. This can have a dramatic effect on how much you pay for your home over time.