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Having an excellent credit score like 800 can make a huge difference when applying for a home loan. With mortgage rates on the rise, borrowers need strong credit to qualify for the lowest available interest rates. In this comprehensive guide, we’ll explain how an 800 credit score can help you land the perfect home loan.
What is Considered an Excellent Credit Score?
The most commonly used credit scoring models are FICO and VantageScore. Both rate credit scores on a scale of 300 to 850. An 800 falls in the highest tier for both models:
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FICO 800-850 is considered “exceptional”
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VantageScore: 800-850 is “excellent” credit
So no matter which model your lender uses a score of 800 puts you in the top range and shows lenders you are an extremely low credit risk.
Why 800+ is Ideal for Home Loans
Mortgage lenders review your credit report and score carefully when deciding whether to approve your loan application. In general, the higher your score, the better your chances are of getting approved and securing the lowest interest rate.
Here’s a look at typical minimum credit score requirements for popular mortgage loan types:
- Conventional loans – 620 minimum credit score
- FHA loans – 500-580 minimum credit score
- VA loans – 620 minimum credit score
- USDA loans – 640 minimum credit score
- Jumbo loans – 700 minimum credit score
As you can see, an 800 credit score surpasses even the highest minimums. You’ll have your choice of mortgage programs and have a strong chance of being approved for the very best rates.
Perks of 800+ Credit for Mortgages
A credit score of 800+ brings several advantages when financing a home purchase
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Lower interest rates – Lenders offer the lowest rates to borrowers with top tier credit, saving you significantly on your monthly mortgage payment and lifetime loan costs.
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Better loan terms – Strong credit means lenders are more willing to extend favorable loan terms like lower down payments, higher loan amounts, and longer repayment periods.
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Increased buying power – Since you’ll qualify for lower rates, you can afford higher monthly payments and buy more expensive homes within your budget.
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Higher loan approval odds – There is less financing risk with an 800+ borrower. Lenders will be eager to approve your loan request.
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Shorter processing time – Excellent credit means faster mortgage approval with less hassle.
Pre-Approval with an 800 Score
Before you start house hunting, get pre-approved for a mortgage. Pre-approval involves a soft credit check and shows sellers you are a serious buyer with the financing ready to go. With an 800 score, you can expect a painless pre-approval process.
Provide your lender with documents like tax returns, pay stubs, and bank statements. They will examine your credit, assets, income, and liabilities to determine the maximum amount you can borrow.
The pre-approval letter states the loan amount, rate, and terms you qualify for. This puts you in a strong position to make competitive offers, negotiate the best deal, and secure your dream home quickly.
Interest Rate Savings with 800+ Credit
The higher your credit score, the more attractive your mortgage application looks to lenders. As a result, borrowers with scores of 800+ tend to be offered the most favorable interest rates.
Just how much can excellent credit save on mortgage rates? Here are some examples:
Mortgage Amount: $300,000
Down Payment: 20%
Term: 30-year fixed
| Credit Score | Interest Rate | Monthly Payment |
|---|---|---|
| 760 | 6.5% | $1,581 |
| 800 | 6.0% | $1,498 |
| 820 | 5.75% | $1,456 |
- Based on Bankrate mortgage calculator
As you can see, someone with an 800 score could save $83 per month compared to a borrower with a 760 credit score. Over the lifetime of the loan, the monthly savings add up to over $29,000!
Tips to Raise Your Score Above 800
If your credit score is in the very good range (740-799 according to FICO), you can take steps to push it into that top tier 800+ category. Here are some tips:
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Lower credit utilization – Keep balances low on revolving credit lines like credit cards. Below 30% utilization is good.
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Pay bills early – Set up autopay and pay bills at least a few days before their due date.
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Limit hard inquiries – Too many credit checks from loan or card applications can lower your score.
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Correct errors – Dispute and remove any inaccuracies on your credit reports.
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Increase credit age – Keep old accounts open to show a long history of responsible usage.
With diligent credit management, you can reach that 800+ goal and reap the rewards when applying for a mortgage.
Shopping Around with an 800 Credit Score
An 800 credit score means you will have your pick of mortgage lenders all eager to win your business. Make sure to shop around and compare quotes from multiple lenders.
Look at various rate and fee structures:
- Compare interest rates for 15-year, 20-year, and 30-year terms.
- Ask about origination fees, application fees, points, and closing costs.
- Ask if the rate is locked or adjustable.
A loan officer from your bank may offer a discount, but don’t stop there. Check rates from online lenders, credit unions, and mortgage brokers. With just a little legwork, an excellent credit score of 800 can save you thousands on your home loan.
Improving Credit Before Applying
If your credit score is below 800, take steps to improve it before submitting a mortgage application. Here are some quick ways to boost your credit score:
- Pay down balances on revolving accounts
- Become an authorized user on someone else’s account
- Set up payment reminders to avoid late payments
- Limit new credit applications
- Review reports and dispute any errors
- Ask current lenders for credit line increases
With a little work, you can optimize your credit and reach that 800+ goal to unlock the best mortgage rates.
FAQs about 800 Credit Score Home Loans
How high does your credit score need to be to get the lowest mortgage rates?
- To get the very lowest rates lenders offer, you need a credit score in the top tier. For FICO, that is 800-850 and for VantageScore that is 800-850. With a score below that, you can still get good rates, but likely not rock bottom.
What interest rate can I expect with an 800 credit score?
- An 800 credit score qualifies you for the lowest rates lenders offer, which these days tend to be in the 5.5% – 6.5% range for fixed-rate mortgages. The exact rate will depend on market conditions, your financial profile, loan amount, and other factors.
Is an 800 credit score enough to get approved for a jumbo loan?
- Yes, an 800 credit score surpasses even the highest minimum requirements for jumbo loans. Jumbos typically require a 700 score at minimum, so an 800 score means you should have no trouble being approved.
How long does it take to improve your credit score from 750 to 800?
- It typically takes at least 3-6 months of diligent credit management to boost your score by 50+ points. Pay all bills on time, lower utilization, limit hard inquiries, and correct report errors. With time and discipline, you can reach 800.
Does getting pre-approved hurt your credit if you have an 800 score?
- Pre-approval involves a soft inquiry which does not negatively impact your credit score. As long as you avoid too many hard inquiries from loan applications, getting pre-approved will not hurt an already excellent 800 credit score.
What types of loans can I get with an 800 credit score?
Many types of mortgages do have minimum credit score requirements, but a score of 800 will put you above the minimum for just about everything. According to both the FICO and VantageScore models, an 800 lands you in the top tier in the range, meaning that you have “exceptional” or “excellent” credit. Here are the requirements for some of the most common loan types:
- Conventional loans: A credit score of 800 is well above the minimum needed to qualify for a conforming conventional loan, which is typically 620. In fact, with an 800, you ought to qualify for some of the best interest rates and terms available.
- FHA loans: First-time homebuyers and those looking for a mortgage with a low down payment often look to a loan from the Federal Housing Administration. The minimum credit score for these, if you qualify, is 500 with a 10 percent down payment and 580 with a 3.5 percent down payment.
- VA loans: To be eligible for a home loan from the U.S. Department of Veterans Affairs, you must be an active-duty military service member, veteran or surviving spouse. The VA doesn’t set credit score minimums, but lenders generally look for a score of 620 or higher.
- USDA loans: The U.S. Department of Agriculture’s loans are only available to low- and moderate-income buyers who purchase a home in a USDA-approved rural area. Typically, the credit score minimum is 640.
- Jumbo loans: Loans that exceed the conforming loan limits in your area have the highest credit score requirements — but even for these the minimum is usually a score of 700, so your 800 score is well above that.
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Your credit score carries a lot of weight when you’re applying for a mortgage. Not only does it help lenders determine whether or not they’ll offer you a loan, but it also influences the interest rate and terms of that loan.
With a score of 800, you’re in great shape credit-wise — in the highest possible credit score range. But how does it impact your homebuying journey? Is 800 a good credit score to buy a house? The short answer is yes, it is, and it can help you land the most competitive mortgage rates as well. Here’s what else to know about buying a house with an 800 credit score.