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Conventional loans are those issued by a lending institution to a borrower. Generally speaking, borrowers should have a âbare minimumâ credit score of 620, but ideally you should have a score closer to the 740 range, according to a Bankrate publication. FHA loans are different from conventional loans in that they are backed by the Federal Housing Administration.
Here's what average credit will get you, and why it's so important to work for the best credit score you can get. Buying a house The good news is that even with an average credit score, homebuyers can get a rather competitive mortgage rate. As of this writing, an average FICO score should get you a 30-year mortgage rate of about 4.16%, which is not too far off from the 3.76% rate the top tier of borrowers (760 FICO and up) can get, according to myFICO.com.