Last Updated in November 2026
Yes. A 720 credit score qualifies for conventional, FHA, VA and USDA loans. You'll just pay a higher rate than someone with a 760 or higher.
Quick Answer: A 720 score gets about 7.55% on a 30-year fixed right now. On a $300k house with $15,000 down, that's about $2,433 a month, or $45 more than a 760+ score pays.
↓ Plug in your own numbers below ↓
Can I buy a house with a 720 credit score?
Here's what each major loan program requires:
Loan type | Minimum credit score |
|---|---|
No set minimum | |
500, or 580 for 3.5% down | |
VA | Set by your lender |
Set by your lender |
Fannie Mae dropped its 620 floor for loans approved through its automated system in November 2025. FHA's floor is 500, and you need 580 for the 3.5% down option (HUD). VA and USDA don't list a minimum score, so each lender sets its own.
With a 720, you're above the old 620 conventional cutoff, so every program on this list is open to you. Your score mostly changes your rate, not whether you can buy.
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What mortgage rate can I get with a 720 credit score?
About 7.55% on a 30-year fixed. Here's every score band on the same $300k house:
Credit score | Estimated rate | Monthly payment |
|---|---|---|
7.32% | $2,388 | |
7.40% | $2,403 | |
720 to 739 | 7.55% | $2,433 |
7.57% | $2,436 | |
7.72% | $2,466 | |
7.75% | $2,472 | |
7.88% | $2,497 | |
8.08% | $2,537 | |
8.58% | $2,733 | |
8.58% | $2,733 | |
9.08% | $2,659 | |
9.08% | $2,659 |
Payments use 5% down for 620 and up. Below 620 they use FHA with 3.5% down (580 to 619) or 10% down (500 to 579), plus FHA mortgage insurance.
How we got these: we start with Freddie Mac's weekly average of 7.32% (October 22, 2026) for the top score tier, then add the gap between score bands from FICO's rate data as of November 4, 2026. FICO doesn't publish rates below 620, so we add another half point for 580 to 619 and a full point below 580. Treat those two as rough estimates.
Your real rate also depends on the loan type, your down payment and points. PMI pricing depends on your score too, and it usually costs more at lower scores. These payments use the same PMI estimate on every page, so get a real quote.
How much house can I afford with a 720 credit score?
Your credit score sets the rate. Your income sets the price. Here's what 7.55% with 5% down buys at three incomes:
Yearly income | Comfortable (28%) | Stretch (43%) |
|---|---|---|
$143,900 | $221,000 | |
$215,800 | $331,500 | |
$287,800 | $442,000 |
Comfortable keeps the house payment at 28% of your gross pay. Stretch is the 43% many lenders allow, and it only works if you have little other debt. A 760+ score at the same $75k income buys about $4,100 more house.
Want the full monthly breakdown at those prices? See what the mortgage is on a $150k house, a $200k house and a $300k house.
Want your number with your actual income, debts and score? Run it in the calculator below.
How much do I need for a down payment with a 720 credit score?
Here's the cash down on a $300k house for each option that works with a 720:
Option | Down payment |
|---|---|
VA loan (eligible veterans and service members) | $0 |
USDA loan (eligible rural areas, income limits apply) | $0 |
Conventional, as little as 3% down | $9,000 |
$10,500 | |
5% down (what this page uses) | $15,000 |
20% down (no PMI) | $60,000 |
Under 20% down on a conventional loan, you'll pay PMI. It's not forever. You can ask your lender to cancel it once you owe 80% of the home's original value, and it ends automatically at 78% under federal law (CFPB). Your lender won't bring it up, so put a reminder on your calendar and ask.
This is NOT lending advice. Programs, limits and approvals change, and your lender sets the final numbers.
What a 720 score costs you compared to 760+
Same $300k house, same 30-year fixed:
Compare | 720 score | 760+ score |
|---|---|---|
Rate | 7.55% | 7.32% |
Monthly payment | $2,433 | $2,388 |
Interest over 30 years | $435,910 | $419,791 |
That's $45 more a month and $16,119 more in interest over the full 30 years, just because of the score.
If you buy now and your score climbs later, you can refinance into a better rate. Refinancing has its own closing costs, so run the numbers first.
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How to raise a 720 credit score to 740
Getting to 740 drops the estimated rate to 7.40% and saves about $30 a month on this house. Getting all the way to 760 saves about $45. Here's what moves a score the fastest:
Pay your card balances down. Keep each card around 10% of its limit, and pay before the statement closes so the lower balance is what gets reported.
Pull all three reports and fix errors. They're free every week at AnnualCreditReport.com. If something's wrong, dispute it with the credit bureau (CFPB).
Never miss a payment. Payment history is the biggest piece of your score, and a late payment can stay on your report for up to 7 years (CFPB).
Don't open or close cards right before you apply. New accounts add hard inquiries, and closing an old card can push your utilization up.
Ask about a rapid rescore. Once you pay a balance down, your lender can sometimes get the new score pulled in days instead of waiting for the next reporting cycle.
Want the whole playbook? Take our free 800 Credit in 8 Days course.
Next steps
Alright, now you know what a 720 score gets you. Here's what I'd do next:
Pull your credit reports. Know exactly what's on them before a lender pulls them, and fix anything wrong.
Get pre-approved and understand your program options. A pre-approval means a lender actually checked your credit and income. Sort out financing before you fall in love with a house.
Set your real budget. Start from the payment you're fine with, not the max you're approved for. Leave room for utilities, groceries and about 1% of the home's value a year for upkeep ($3,000 a year on a $300,000 house).
Vet your agent. Ask if it's a good time to buy. The honest answer is "it depends on you."
Buying in eastern Idaho or the Boise area? That's what we do at Bellhaven. Book a 15-minute call and we'll run your numbers with you.
FAQs
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