What is the minimum credit score required for a mortgage?

The minimum credit score required for a mortgage can vary significantly depending on several factors, including the lender's requirements and the type of loan product. Generally, Franklin American Mortgage Company may consider a credit score of at least 620 for conventional loans, which is a common standard among many lenders. However, for government-backed loans, such as FHA loans, a lower score may be accepted, often around 580, or even lower in some cases if there are compensating factors. It is essential to keep in mind that a higher credit score can potentially lead to more favorable interest rates and terms. Additionally, other aspects of your financial profile, such as your income, debt-to-income ratio, and down payment, will also play a critical role in the mortgage approval process. For the most accurate and current information regarding specific credit requirements, it is advisable to refer to the resources available on the Franklin American Mortgage Company website.