And how to get mortgage-ready, even if you’re not quite there yet.

If you’re considering a conventional loan, one of the first things you’ll want to understand is:

👉 “What credit score do I need to qualify?”

The short answer: Most conventional loans require a minimum credit score of 620.

But here’s the thing — your score doesn’t just affect whether you qualify. It also impacts:

• Your interest rate
• Your monthly payment
• Your mortgage insurance costs (if any)
• How much you’ll be approved to borrow

Let’s walk through how credit scores affect conventional loans — and how to boost yours for better terms.

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✅ Minimum Credit Score for a Conventional Loan: 620

To qualify for a conventional loan backed by Fannie Mae or Freddie Mac, you’ll typically need a score of at least 620.

That said, higher scores come with better terms:

• 680–699 = Moderate rates
• 700–739 = Competitive rates
• 740+ = Best possible rates and lower PMI

📘 PMI costs also drop as your credit score goes up — sometimes by hundreds per month.

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🧠 Why Credit Score Matters

Lenders use your credit score to evaluate:

• Your payment history
• How much debt you carry
• Your mix of credit (loans, cards, etc.)
• How long you’ve had accounts
• New credit activity

This determines both your risk level and your pricing tier — and we’ll walk you through where you stand before you apply.

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📉 What If Your Credit Score Is Below 620?

You may still qualify for:

• FHA loans (which allow scores as low as 580)
• Non-QM loans with flexible underwriting
• A credit improvement plan before applying

At PRMI, we don’t just say “yes” or “no” — we help you build a strategy to get approved.

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🧾 Pro Tips to Improve Your Score Before Applying

✅ Pay down credit cards below 30% of the limit
✅ Don’t open or close accounts right before applying
✅ Check for errors on your credit report
✅ Make on-time payments consistently
✅ Work with a lender to run soft-check pre-approvals

📘 We’ll even run simulations to see how small changes could improve your approval or lower your rate.

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🏢 Why PRMI?

As a direct lender, PRMI:

• Offers conventional, FHA, VA, and non-QM loan options
• Helps buyers at all credit levels build a realistic plan
• Underwrites loans in-house for speed and control

We’ll guide you through the full picture — and help you position your application for success.

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👇 Want to Check Your Score or See Where You Stand?

Let’s review your credit profile and walk through the best loan options based on where you are today — and where you want to go.