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You qualify for both FHA and conventional loans at this score; the right pick depends on down payment and mortgage insurance. Calculator prefilled with an estimated rate; adjust anything.
Compare rates and get pre-approved. Shopping multiple lenders can save tens of thousands over the life of a loan.
For educational purposes only. Not financial advice. Actual loan approval depends on credit score, employment history, and lender criteria. Consult a mortgage professional before making home buying decisions.
A 630 credit score puts you over the 620 line where conventional loans open up, but just barely, which means conventional pricing at this score carries the steepest rate adjustments lenders charge. In practice, many 630-score buyers still get a better all-in deal from FHA, whose rates are much less credit-sensitive.
The right answer usually comes down to mortgage insurance math: conventional PMI is expensive at this score but drops off automatically at 20% equity, while FHA's insurance is cheaper monthly but sticks for the life of the loan if you put less than 10% down. Get quotes for both and compare the full monthly payment, not just the rate.
A 630 credit score is considered fair. It sits in FICO's "fair" band (580–669), below the U.S. average of about 715. Roughly 24% of U.S. consumers score below 630, so you have plenty of company.
In practice, fair credit gets you approved for most essentials at a premium: auto loans run above-average rates, unsecured credit cards come with modest limits, and most apartment applications pass, though landlords in competitive markets often screen at 620–650. For a mortgage specifically, the program thresholds below matter far more than the label.
VA loans (for veterans) price well at this score. USDA's automated approval typically starts at 640, close enough to be worth a short score push if you're buying rural.
Take a buyer earning $85,000 a year, with $400/month in existing debt and $25,000 saved for a down payment, on a 30-year loan:
| Estimated rate at a 630 score | 7.16% |
| Max home price (bank approval estimate) | $249,000 |
| Estimated monthly payment (P&I + tax + insurance) | $1,980/mo |
| Same buyer with a 760+ score | $255,000 |
| Buying power cost of a 630 score | −$6,000 |
With less than 20% down on a conventional loan at this score, expect PMI on the higher end, often $55–80 per month per $100,000 borrowed. That's why comparing an FHA quote side-by-side is worth the extra application.
At a 670 score (estimated 6.96%), the same buyer could afford about $252,000, $3,000 more house for the same income and monthly budget. Conventional pricing improves in 20-point steps: 640, 660, 680 each unlock a cheaper tier. Paying card balances below 30% of limits before your credit pull is the fastest realistic bump.
Rules and pricing change at 580, 620, 640, and every 20 points beyond; see what credit score you need to buy a house for the full map. Pick your exact score, or use the main affordability calculator if credit isn't your constraint:
Credit is only half the equation; income sets the ceiling. See how much house you can afford at your salary, from $30k to $300k a year. Buying wheels first? See how much car you can afford with a 630 credit score.