Fair Score — Moderate (40-65%) approval odds
With a 620 credit score (Fair), here's what to expect when applying for a mortgage.
| Factor | Your Situation |
|---|---|
| Credit Score | 620 (Fair) |
| Approval Likelihood | Moderate (40-65%) |
| Expected Interest Rate | 7.4%-8.6% |
| Recommended Action | Improve score first if possible |
| Credit Score | Range | Typical Rate | Monthly Cost* |
|---|---|---|---|
| 500 | Poor | 8.6%+ or not available | $2,328 |
| 580 | Fair | 7.4%-8.6% | $2,077 |
| 620 ← You | Fair | 7.4%-8.6% | $2,077 |
| 670 | Good | 7.4%-8.6% | $2,077 |
| 700 | Good | 6.5%-7.4% | $1,896 |
| 740 | Very Good | 6.0%-6.5% | $1,799 |
| 780 | Very Good | 6.0%-6.5% | $1,799 |
| 820 | Excellent | 6.0%-6.5% | $1,799 |
*Based on $300K loan, 30 years
At 620, you may qualify but will pay higher rates. Consider waiting 3-6 months while improving your score to save significantly on interest.
If a traditional mortgage isn't ideal at your current score, consider these alternatives:
Conventional loans, jumbo loans (740+), adjustable-rate mortgages for lower initial rates
Calculate your own numbers
Open CreditScoreCalcTools →With a 620 credit score (Fair), you can expect mortgage interest rates in the range of 7.4%-8.6%. Your exact rate depends on factors like income, debt-to-income ratio, down payment, and the specific lender. Shopping around with at least 3-5 lenders can save you thousands.
To improve your mortgage approval odds with a 620 score: 1) Lower your debt-to-income ratio below 36%, 2) Save for a larger down payment, 3) Get pre-qualified with multiple lenders, 4) Consider a co-signer if possible, and 5) Provide documentation of stable income. Even small score improvements can significantly impact your rate.
Yes, if possible. Improving from 620 to 670 could save you thousands in interest. Focus on paying down credit card balances and ensuring no late payments for 3-6 months.