How to Buy a House with 620 Credit Score 2026 | Get Approved Fast
YES, you CAN buy a house with 620 credit score in 2026! FHA loans accept 620 credit with 3.5% down ($7K on $200K home). Conventional loans possible with 5% down ($10K). Rates: 6.75%-7.25%. Monthly payment: $1,350-$1,450 on $200K home. Requirements: Stable income, no bankruptcy in 2+ years, DTI <43%. Get pre-approved in 48 hours. Related: Improve credit score guide.
✅ Quick Answer (620 Credit Score):
Can You Buy? YES! FHA + Conventional loans available
Down Payment: 3.5% FHA ($7K on $200K) or 5% conventional ($10K)
Interest Rate: 6.75%-7.25% (Feb 2026)
Monthly Payment: $1,350-$1,450 on $200K home (P&I + PMI)
Requirements: Stable income, no recent bankruptcy, DTI <43%
⏰ Get pre-approved in 48 hours! Start NOW!
Loan Options for 620 Credit Score (February 2026)
| Loan Type | Min Credit | Down Payment | Rate (Feb 2026) | Best For |
|---|---|---|---|---|
| FHA Loan | 620 | 3.5% | 6.75%-7.00% | Low down payment |
| Conventional | 620 | 5% | 7.00%-7.25% | Lower PMI long-term |
| VA Loan | 620 | 0% | 6.50%-6.75% | Veterans only |
| USDA Loan | 640 | 0% | 6.50%-6.75% | Rural areas only |
🎯 Get Pre-Approved with 620 Credit!
FHA lenders ready to approve! Get matched in 48 hours!
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Real Example: $200K Home with 620 Credit
FHA Loan (3.5% Down)
Purchase Price: $200,000
Down Payment (3.5%): $7,000
Loan Amount: $193,000
Interest Rate: 6.875%
Monthly P&I: $1,270
FHA MIP: $161/month
Total Payment: $1,431/month
+ taxes/insurance (~$300/month)
Conventional (5% Down)
Purchase Price: $200,000
Down Payment (5%): $10,000
Loan Amount: $190,000
Interest Rate: 7.125%
Monthly P&I: $1,280
PMI: $119/month
Total Payment: $1,399/month
+ taxes/insurance (~$300/month)
💡 Which Loan Should You Choose?
- FHA: Lower down payment ($7K vs $10K), but higher monthly payment ($1,431 vs $1,399)
- Conventional: Higher down payment, but PMI drops off at 78% LTV (FHA MIP is lifetime)
- Recommendation: FHA if you have limited savings. Conventional if you can afford $10K down.
Requirements for 620 Credit Score Mortgage
✅ You WILL Qualify If:
- Credit Score: 620-660 (FHA or conventional)
- Income: Stable W-2 job (2+ years same employer)
- DTI Ratio: <43% (debt-to-income)
- Down Payment: $7K-$10K saved (3.5%-5%)
- Bankruptcy: 2+ years ago (FHA), 4+ years (conventional)
- Foreclosure: 3+ years ago (FHA), 7+ years (conventional)
- Employment: 2+ years work history
❌ You WON'T Qualify If:
- Recent Bankruptcy: <2 years ago
- Recent Foreclosure: <3 years ago
- High DTI: >50% debt-to-income
- No Income: Unemployed or self-employed <2 years
- Mobile Home: Manufactured/mobile homes (most lenders reject)
- Collections: Unpaid collections >$5K
⏰ Get Matched with 620-Friendly Lenders!
Compare 3-5 lenders in 48 hours. FREE quotes!
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Step-by-Step: Get Approved in 6 Months
Month 1-2: Improve Credit to 640+ (Optional)
Pay down credit cards to <30% utilization. Dispute errors on credit report. Set up autopay for all bills. 640 credit = 0.25% lower rate = save $30/month!
Month 2-3: Save Down Payment ($7K-$10K)
Save $350-$500/month. Cut expenses. Side hustle. Gift funds from family OK (FHA allows 100% gift!). Need $7K FHA or $10K conventional.
Month 3-4: Get Pre-Approved (48 hours)
Apply with 3-5 lenders. Provide: Tax returns (2 years), pay stubs (2 months), bank statements (2 months). Get pre-approval letter.
Month 4-5: House Hunt ($150K-$250K)
Work with realtor. Target homes $150K-$250K. Make offers. Get accepted. Sign purchase agreement.
Month 5-6: Close on Home 🎉
Appraisal, inspection, underwriting (30-45 days). Bring down payment + closing costs ($10K-$15K total). Sign papers. Get keys!