800 Credit Score Mortgage Rate: What Kind of Rates Can You Get? (2024)

FAQs

What interest rate can I get on a mortgage with an 800 credit score? ›

A high credit score might net you an APR of 6.233% on a 30-year, $200,000 mortgage with a monthly payment of $1,198 (not including insurance or taxes).

With an 800 credit score, personal loans or home improvement loans are not your only options. You can qualify for auto loans, credit cards, or maybe even home equity loans. The type of loan that is best usually depends on your situation and what you are trying to finance.

With an 800 credit score, you're already in the highest possible range, meaning that you should get the best rates lenders are able to offer. Still, there are some ways to boost your score even higher and strengthen your mortgage application. For one, you can focus on improving your debt-to-income ratio, or DTI.

Fed watchers now see at least two rate cuts before the end of the year, but some are betting on three, with more to come in the spring. Some economists say the benchmark rate could be as low as 3 to 3.5 percent by the second half of 2025.

According to a report by FICO, only 23% of the scorable population has a credit score of 800 or above.

For most loan types, the credit score needed to buy a house is at least 620. However, a higher score significantly improves your chances of approval. Applicants with scores of 740 or higher generally get the lowest interest rates.

A 799 credit score is Very Good, but it can be even better. If you can elevate your score into the Exceptional range (800-850), you could become eligible for the very best lending terms, including the lowest interest rates and fees, and the most enticing credit-card rewards programs.

Membership in the 800+ credit score club is quite exclusive, with fewer than 1 in 6 people boasting a score that high, according to WalletHub data.

How much is the payment on a $70,000 loan? ›

10-year and 15-year terms are some popular options to consider. And, the average interest rates for home equity loans with these are 8.74% and 8.73%, respectively. At 8.74%, your monthly payments on a 10-year $70,000 home equity loan would be $876.91.

While achieving a CIBIL Score of 900 is technically possible, it is extremely rare. Scores above 760 are considered very good or exceptional, providing significant benefits such as lower interest rates and higher chances of loan approval.

7.625% for an FHA loan and 8% for conventional. 🙃 this is also with an 800 credit score.

FHA loans have more lenient credit score requirements than conventional loans. While conventional loans typically require a credit score of at least 620, FHA loans may be available to borrowers with credit scores as low as 500. However, borrowers with lower credit scores will likely need to make a larger down payment.

Credit Score

For a $300,000 home, you'll likely need a good credit score: 740+: Best rates and terms. 700-739: Slightly higher rates. 660-699: Higher rates, may require larger down payment.

You'll usually need a credit score of at least 640 for the zero-down USDA loan program. VA loans with no money down usually require a minimum credit score of 580 to 620. Low-down-payment mortgages, including conforming loans and FHA loans, also require FICO scores of 580 to 620.

Generally speaking, borrowers with credit scores of 760 or higher get charged the lowest interest rates. On conventional conforming loans, which must adhere to Fannie Mae and Freddie Mac guidelines, a 780 may qualify you for a slightly lower rate—though it depends on your down payment amount.