Is there one minimum score?
No. Each loan program sets its own guidelines, and each lender can add its own rules on top. That's why two borrowers with the same score can get different answers at different banks. I can't promise a number for you, but I can tell you which programs are worth a look once I see your file.
What scores do the main programs look for?
- Conventional: commonly in the 600s and up, with more choices as the score climbs.
- FHA: often accepts lower scores than conventional, depending on the lender.
- VA: no official minimum from the VA itself, though lenders set their own.
- Non-QM: some programs go lower, and they weigh the whole file instead.
These are general descriptions, not promises. Programs and lender rules change, which is why I check them for each file.
Does a higher score help?
Generally, yes. A stronger score tends to open more programs and lenders, and it can change the terms offered to you. If your score is close to a threshold, a short plan to nudge it up can sometimes widen your options. I'll tell you plainly when that's worth doing and when it isn't.
What else do lenders look at?
The score is one piece. Lenders also look at:
- Your equity, meaning how much your home is worth compared with what you owe.
- Your income and how it's documented.
- Your monthly debts compared with your income.
- Your payment history on the current mortgage.
Strong equity can balance a middle-range score on some programs. That's good news for homeowners who have owned for a while and built up value.
What does it look like in real life?
Picture a homeowner with a score in the high 600s, a steady job, and plenty of equity. A bank with tight rules may not be the right fit. Across over 100 wholesale lenders, I can look for a program whose guidelines match that profile, and the homeowner may qualify for a cash-out refinance to clear debts or fund a remodel.
Can I check my options without hurting my credit?
A conversation costs you nothing. I can talk through your situation, your score range, and your equity before any formal application. Whether and when a credit pull happens is something we decide together.
Where I come in
I'm Danny Granger, NMLS #920614, sponsored by Lumin Lending, NMLS #2716106, licensed in 18 states. Because I shop over 100 wholesale lenders, a score that one lender doesn't fit may land well with another. Start with the cash-out refinance page, see the conventional and non-QM programs, or read about cash-out refinance with equity. Then send me your details.
