What Is The True Minimum Credit Score To Buy A House In Florida?
To buy a house in Florida using an FHA loan with the minimum 3.5% down payment, the true minimum credit score required is 580. If your credit score is between 500 and 579, you can still qualify for an FHA loan, but you must put 10% down.
Many lenders will tell you that you need a 620 or 640 credit score to buy a home. The official guidelines don't say that. Those lenders add their own stricter internal rules, called "overlays," on top of the guidelines. As an independent Florida mortgage broker, AAA Capital Funding works from the actual federal guidelines, which lets us place loans that a lender with stricter overlays would turn down.
Credit Requirements By Florida Loan Program
FHA Loans
The most flexible option for working families. Backed by the government to help you secure a home with less-than-perfect credit.
- ▸ 580+ Score: 3.5% Down Payment
- ▸ 500-579 Score: 10% Down Payment
- ▸ Highly forgiving of past credit issues.
VA Loans
Exclusive to Veterans and active-duty military. The VA doesn't technically set a federal minimum credit score, but lenders have baseline requirements.
- ▸ Typical Minimum: 580 - 620 Score
- ▸ 0% Down Payment Required
- ▸ No private mortgage insurance (PMI).
Conventional Loans
Backed by Fannie Mae and Freddie Mac. Best for borrowers with stronger credit histories and lower debt-to-income ratios.
- ▸ 620 Minimum Score: Strict requirement.
- ▸ Better interest rates for scores 700+.
- ▸ PMI drops off once equity reaches 20%.
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We'll go through your numbers with you, line by line, and tell you what you qualify for. You work with the same person from application to closing.
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AAA Capital Funding, Inc. · NMLS #374739 · Jason J. Sarji, NMLS #374700