Your credit score is one of the biggest levers in your mortgage — it shapes the rate you're offered, the programs you qualify for, and even the mortgage insurance you'll pay. But the score you see on a free app isn't always the score a lender sees. Here's what actually matters when you're buying or refinancing a home in Florida.
Which credit score do mortgage lenders use?
Most free credit-monitoring apps show you a VantageScore or a bank-grade FICO. Mortgage lenders, however, pull a specific family of scores called FICO Scores 2, 4, and 5 — older models designed specifically for home lending. These tend to be more conservative than the FICO 8 or VantageScore you see online, so the number a lender pulls can be a few points lower (or higher) than what you've been tracking.
Lenders also pull your score from all three bureaus — Experian, Equifax, and TransUnion — and typically use the middle score of the three. If you're applying with a co-borrower, most programs use the lower of the two middle scores. Knowing this ahead of time prevents surprises at pre-approval.
What score do you need for each program?
There's no single "mortgage credit score" — the minimum depends on the loan program. Here's how the major programs generally break down:
- Conventional: Typically 620+ minimum. The best rates and lowest mortgage insurance go to scores of 740 and above.
- FHA: 580+ to qualify for the 3.5% minimum down payment. Between 500–579, a 10% down payment is required.
- VA: No official government minimum, but most lenders look for 580–620+. No monthly mortgage insurance regardless of score.
- USDA: Typically 640+. Designed for low-to-moderate income buyers in eligible rural and suburban areas.
- Non-QM: Flexible — some programs use alternative credit or bank statements instead of traditional scores.
Meeting the minimum gets you in the door, but higher scores unlock better pricing. On conventional loans, every 20-point tier can change your private mortgage insurance (PMI) rate — which directly changes your monthly payment.
The five things that move your score
Credit scores aren't random. They're built from five factors, weighted roughly like this:
- Payment history (35%): The single biggest factor. One 30-day late payment can drop a strong score by 60–80 points. Set every account to autopay for at least the minimum.
- Amounts owed (30%): This is about your credit utilization — the balance on each card relative to its limit. Keep utilization under 30%, and ideally under 10%, on every card and overall.
- Length of credit history (15%): Older accounts help you. Don't close your oldest card before applying — even if you rarely use it.
- Credit mix (10%): A healthy mix of revolving (cards) and installment (auto, student) accounts shows you can manage different types of debt.
- New credit (10%): Every hard inquiry can ding your score a few points. Rate-shopping within a 14–45 day window for a mortgage or auto loan counts as a single inquiry, so shop confidently — but avoid opening new cards right before applying.
Fast moves that raise your score before you apply
If you're months away from buying or refinancing, a few targeted actions can meaningfully lift your score:
- Pay down card balances before the statement closes — that's the balance reported to the bureaus, not what you carry month to month.
- Ask for a credit limit increase on existing cards. A higher limit lowers your utilization ratio instantly, as long as you don't spend more.
- Dispute errors on your credit report. Pull your free reports from all three bureaus and challenge anything inaccurate — collections that aren't yours, duplicate accounts, or outdated negatives.
- Catch up on any past-due accounts. A current account with a recent late mark still hurts, but a still-delinquent account hurts more.
- Become an authorized user on a family member's long-standing, low-balance card. Their positive history can post to your file.
What won't help (and might hurt)
Some common "credit repair" advice backfires. Closing old accounts to "clean up" your credit shortens your history and can raise your utilization — both lower your score. Paying off an old collection can sometimes refresh the date on the negative mark, keeping it on your report longer. And opening a new "credit builder" card right before applying adds a hard inquiry and lowers your average account age. When in doubt, talk to a loan officer before making changes.
Your score isn't the whole story
A strong credit score opens doors, but lenders look at the full picture: your income, employment history, debt-to-income ratio, assets, and reserves. A 780 score with high debt and no savings won't qualify for as much as a 680 score with steady income and strong reserves. We structure your loan around your complete profile — not just a three-digit number.
Curious where you stand? Use our mortgage calculator to model payments by program, then get pre-approved in 24 to 48 hours. We'll review your full credit profile and tell you exactly which program fits — and what, if anything, would improve your positioning.
The bottom line
Your credit score matters — but it's not a pass/fail test, and it's not fixed. Understand which score lenders use, know the minimums for each program, and make the moves that actually move the needle. Then get pre-approved with a local, bi-lingual Orlando team that reads your full profile and tells you the truth. NMLS #2629561.
