The credit score you need to refinance depends on your loan type, the purpose of the refinance and the lender’s requirements.
A score of 620 is a common benchmark for conventional refinancing. FHA refinancing may be available with lower scores, while the VA does not set one universal minimum. USDA and jumbo requirements vary based on the loan and lender.
Your credit score is only one part of the application. The lender also reviews your income, debts, home equity, mortgage payment history and property.
Refinance Credit Score Requirements by Loan Type
| Refinance Type |
General Credit Standard |
| Conventional refinance |
A score of 620 is a common lender benchmark. Requirements can vary based on the underwriting system, loan structure and lender. |
| FHA refinance |
FHA permits scores as low as 500 at the program level, although many lenders require 580 or higher. |
| VA refinance |
The VA does not set one universal minimum score. The lender establishes its own credit requirements. |
| USDA refinance |
Requirements depend on the USDA refinance option and lender. Streamlined-assist refinancing generally does not use a traditional credit-score review for qualification. |
| Jumbo refinance |
There is no universal minimum. Jumbo lenders commonly require stronger credit than standard conventional lenders. |
Meeting a program minimum does not guarantee approval. The lender can require a higher score based on the loan-to-value ratio, property, mortgage history or other details in your application.
What Credit Score Do You Need for a Conventional Refinance?
A conventional refinance is not insured or guaranteed by a federal agency.
A credit score of 620 is a common benchmark for a conventional refinance, particularly for a fixed-rate loan. However, conventional loans are often evaluated through automated underwriting systems that review your full application rather than applying one score cutoff by itself.
The underwriting review can consider:
- Your credit score and payment history
- Your home equity and loan-to-value ratio
- Your income and monthly debts
- Your cash reserves
- The property type and occupancy
- Whether the refinance is rate-and-term or cash-out
A borrower with a lower score and substantial equity may receive a different result than a borrower with the same score and limited equity. Lenders can also set their own minimum scores above the underlying conventional guidelines.
The credit score needed for a conventional loan can therefore vary based on the complete application.
What Credit Score Do You Need for an FHA Refinance?
An FHA loan generally allows lower credit scores than many conventional and jumbo mortgages.
According to the U.S. Department of Housing and Urban Development:
- A score below 500 is generally not eligible for standard FHA-insured financing.
- A score from 500 to 579 generally limits the loan to 90% loan-to-value.
- A score of 580 or higher can qualify for maximum FHA financing.
These are FHA program limits. Many lenders require a score of 580, 600 or 620, depending on the refinance type and the rest of the application.
The FHA loan credit score requirements also interact with the loan-to-value ratio and the type of refinance you choose.
FHA Streamline Refinance Credit Requirements
An FHA streamline refinance is available only for an existing FHA-insured mortgage. FHA offers credit-qualifying and non-credit-qualifying streamline options.
A non-credit-qualifying streamline does not require the same full credit and income review as a standard refinance. The lender still checks whether the loan meets FHA payment-history, seasoning and financial-benefit requirements.
A lender may still review your credit or require a minimum score.
FHA Cash-Out Refinance Credit Requirements
An FHA cash-out refinance requires full credit, income and property underwriting.
Although FHA permits scores as low as 500 at the program level, lenders often require a higher score for cash-out refinancing. Your mortgage payment history, equity and debt-to-income ratio also affect eligibility.
What Credit Score Do You Need for a VA Refinance?
A VA loan does not have a universal minimum credit score set by the Department of Veterans Affairs.
The lender decides whether your credit history is acceptable and can set its own minimum. The review can include:
- Recent mortgage payments
- Late payments and collections
- Bankruptcies or foreclosures
- Monthly debts
- Residual income
- Home equity
Exact VA loan credit score requirements vary among lenders.
VA IRRRL Credit Requirements
A VA Interest Rate Reduction Refinance Loan, or IRRRL, refinances an existing VA-backed mortgage.
The VA does not require full credit underwriting for every IRRRL, but lenders can review your credit and set their own minimum score. The loan must also meet VA seasoning, payment-history and financial-benefit rules.
VA Cash-Out Refinance Credit Requirements
A VA cash-out refinance requires full underwriting. The lender reviews your credit, income, debts, residual income and property.
A lender may require stronger credit when the refinance has a high loan-to-value ratio or substantially increases the mortgage balance.
What Credit Score Do You Need for a USDA Refinance?
A USDA loan can be refinanced through non-streamlined, streamlined or streamlined-assist options when the current mortgage is an eligible USDA Direct or Guaranteed loan.
USDA Non-Streamlined and Streamlined Refinances
These options require a traditional credit review. The lender evaluates your scores, payment history, federal debts and other credit obligations.
A lower score may lead to manual underwriting, additional documentation or stricter lender requirements.
USDA Streamlined-Assist Refinance
A streamlined-assist refinance generally does not require a traditional credit-history review or debt-to-income calculation for qualification.
The existing USDA mortgage generally must have been paid as agreed for the previous 12 months. The lender also verifies household income and confirms that the refinance meets the required payment-reduction rules.
What Credit Score Do You Need for a Jumbo Refinance?
A jumbo loan exceeds the applicable conforming loan limit.
There is no universal minimum credit score for a jumbo refinance. Each lender or investor sets its own requirements based on:
- Loan amount
- Loan-to-value ratio
- Property type and occupancy
- Cash reserves
- Debt-to-income ratio
- Income documentation
- Rate-and-term or cash-out purpose
Jumbo lenders commonly require stronger credit than lenders offering standard conventional loans. A higher score may be especially important for cash-out, investment-property or high-balance refinances.
Do Cash-Out Refinances Require a Higher Credit Score?
A cash-out refinance replaces your current mortgage with a larger loan and converts part of your home equity into cash.
Lenders often apply stricter credit standards because a cash-out refinance:
- Increases the mortgage balance
- Reduces the equity remaining in the property
- Can increase the monthly payment
- Creates more risk at higher loan-to-value ratios
The cash-out refinance credit score requirements depend on the loan program, property type, occupancy and amount of equity you retain.
You may qualify for a rate-and-term refinance at a score that does not meet a lender’s cash-out requirements.
How Does Your Credit Score Affect Your Refinance Rate?
Your credit score can affect whether you qualify and how much the new mortgage costs. The Consumer Financial Protection Bureau explains that credit scores and credit-report information can affect mortgage eligibility and interest rates.
A stronger score can help you qualify for:
- A lower interest rate
- Lower pricing adjustments
- A higher permitted loan-to-value ratio
- More refinance options
- Lower mortgage insurance costs in some cases
Your score does not determine the rate by itself. The lender also considers your loan amount, equity, term, property, occupancy and the mortgage market.
Which Credit Score Does a Mortgage Lender Use?
Mortgage lenders generally obtain credit information from Equifax, Experian and TransUnion.
The mortgage scores used by a lender may differ from the scores shown by a bank, credit card company or consumer credit app. When more than one borrower applies, the treatment of each borrower’s scores depends on the loan program and underwriting rules.
Can You Refinance With a Low Credit Score?
You may be able to refinance with bad credit, but your options may be more limited and the rate or fees may be less favorable.
Possible options include:
- An FHA refinance when you meet FHA and lender requirements
- An FHA streamline refinance for an existing FHA loan
- A VA IRRRL for an eligible VA-backed mortgage
- A USDA streamlined-assist refinance for an eligible USDA loan
- A conventional refinance approved through automated underwriting
- A refinance with a lower loan-to-value ratio after paying down the balance
A low score does not automatically disqualify you. Meeting a program minimum also does not guarantee approval because the lender evaluates the entire application.
How to Improve Your Credit Before Refinancing
Check Your Credit Reports
Review your reports for incorrect balances, unfamiliar accounts and inaccurate late payments. Dispute errors with the credit reporting company and the business that supplied the information.
Make Every Payment on Time
Recent mortgage and debt payment history can affect both your credit score and refinance eligibility. Continue paying the current mortgage until the servicer confirms that the refinance payoff has been received.
Reduce Credit Card Balances
Credit utilization compares your revolving balances with your credit limits. Paying down card balances can improve utilization without requiring you to close the accounts.
Avoid New Credit Applications
A new credit card, auto loan or personal loan can create a hard inquiry and increase your monthly debt. Avoid taking on new credit before or during the refinance unless necessary.
Keep Older Accounts Open When Practical
Closing an older credit card can reduce your available credit and increase your utilization ratio. Keep the account open unless there is another reason to close it, such as an annual fee or difficulty controlling spending.
Consider a Smaller Refinance Balance
Bringing cash to closing or requesting less cash out can reduce the loan-to-value ratio. A stronger equity position may improve your refinance options even when your score has not changed.
The Bottom Line
There is no single credit score required for every mortgage refinance. A score of 620 is a common conventional benchmark, FHA permits scores as low as 500 at the program level and the VA does not set a universal minimum.
Lenders can require higher scores, particularly for cash-out, jumbo, investment-property and high-loan-to-value refinances. Your score can also affect the interest rate, fees and loan options available.
Review your credit reports, reduce revolving balances and avoid new debt before applying. Improving your score may lower your borrowing costs even when you already meet the lender’s minimum.
Frequently Asked Questions
Is 620 a Good Credit Score to Refinance?
A score of 620 meets a common conventional refinance benchmark. Approval and pricing still depend on your equity, debts, income, property and the lender’s underwriting review.
Can You Refinance With a 580 Credit Score?
Possibly. A score of 580 meets FHA’s program-level threshold for maximum financing, although the lender can require a higher score. Some government-backed streamline options also use reduced credit underwriting.
Can You Refinance With a 500 Credit Score?
FHA permits eligible borrowers with a score of 500 to receive financing limited to 90% loan-to-value. Many lenders do not offer refinancing at that program floor, so availability may be limited.
Can You Refinance With No Credit Score?
Some loan programs permit nontraditional credit or reduced credit underwriting in limited circumstances. Eligibility depends on the refinance type, mortgage payment history and lender requirements.
Do You Need a 620 Credit Score for a Conventional Refinance?
Not in every case. A score of 620 is a common benchmark, but conventional applications can be evaluated through automated underwriting that reviews the full loan file. Lenders can still set their own minimums.
Does FHA Require a 580 Credit Score to Refinance?
No. FHA’s program-level minimum is 500. Scores from 500 to 579 are generally limited to 90% loan-to-value, while a score of 580 or higher can qualify for maximum FHA financing. Lenders may use higher minimums.
Does the VA Have a Minimum Refinance Credit Score?
No. The VA does not establish one universal minimum score. The lender determines whether your credit is acceptable and can apply its own minimum.
Do You Need Better Credit for a Cash-Out Refinance?
Lenders often use stricter standards for cash-out loans because the refinance increases the mortgage balance and reduces your equity. The required score depends on the loan program, loan-to-value ratio, property and lender.
Will a Higher Credit Score Lower Your Refinance Rate?
A higher score can improve your available rate or reduce pricing adjustments. The result also depends on the loan type, equity, term, property and market conditions.
Does Applying for a Refinance Lower Your Credit Score?
A refinance application generally results in a hard credit inquiry, which can cause a small temporary score change. That credit impact is separate from the score needed to qualify for the new mortgage.
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