What is the minimum credit score required to qualify for a mortgage?

The minimum credit score required to qualify for a mortgage can vary based on the type of loan and the lender’s specific requirements. Generally, for conventional loans, many lenders look for a credit score of at least 620. However, some government-backed loans, such as FHA loans, may allow for lower credit scores, sometimes starting around 580, or even lower in certain situations with a larger down payment. It is important to remember that a higher credit score can improve your chances of loan approval and may also result in better interest rates and terms. Additionally, other factors, such as income, debt-to-income ratio, and employment history, play a significant role in the overall mortgage approval process. For more specific information, it is advisable to consult the current web page of PHH Mortgage to review their guidelines and offerings regarding credit scores.