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Refinancing a mortgage typically requires a 620 credit score minimum
Minimum qualifying scores vary by loan type, with FHA often set at 580 and jumbo commonly requiring 700-plus.
Housing refinance qualification often starts with credit score, and a score of at least 620 is commonly cited as the minimum for a conventional refinance, though clearing the cutoff does not ensure the best available pricing.
According to Yahoo Finance, lenders generally reserve top rates for borrowers well above the minimum, and the difference can add up over the life of the loan. Minimums also vary by loan type, with FHA often at 580, jumbo typically requiring 700-plus, while VA and USDA may not have a fixed agency floor, though lenders usually look for around 620 and 640 respectively.
The article also notes that a score that disqualifies you from one refinance option may still make another available, including government-backed streamline refinances that can forgo the credit check for some low-score borrowers.
Before refinancing, the outlet recommends comparing closing costs to expected savings, and if your new rate is not a real improvement over your current one, refinancing could cost more once costs are included; it also suggests considering alternatives such as repayment plans or loan modifications through your current servicer.