What credit score do you need to refinance a mortgage?

The credit score you need to refinance depends on your loan type. For a conventional refinance — rate-and-term or cash-out — the minimum is generally 620. FHA refinances, including both rate-and-term and cash-out, accept scores as low as 580. VA rate-and-term refinances typically require 620, while VA cash-out refinances may go as low as 580.

FHA Streamline and VA Streamline refinances often don't require a standard credit check at all — making them accessible to existing FHA or VA borrowers even with lower scores.

Beyond qualifying, your credit score directly affects your rate. Lenders price loans differently across score tiers — a borrower at 620 and a borrower at 760 can receive meaningfully different rates on the same loan. Hitting the minimum gets you eligible. But improving your score before you apply can reduce your monthly payment for the life of the loan.

Minimum credit score by refinance type

The table below reflects standard minimums. Individual lenders may have their own overlays, and your full application — including income, equity, and debt — determines whether you're approved and at what rate.

A few things worth noting from this table. First, FHA and VA refinances have lower floors than conventional, which is by design — these government-backed products are built to serve borrowers with more varied credit profiles. Second, FHA and VA Streamline refinances occupy a different category entirely. Because you're already in a government-backed loan and the program requires a demonstrated financial benefit, the credit check is often reduced or waived. More on that below.

For conventional refinances, it's worth noting that since November 2025, Fannie Mae and Freddie Mac shifted to a holistic credit risk assessment rather than a rigid score floor. In practice, 620 remains the effective minimum at most lenders — but the change means strong compensating factors (low DTI, significant equity, solid payment history) can matter more than they did previously.

Your score qualifies you — but it also sets your rate

Getting approved and getting a good rate are two different things. Most borrowers focus on the minimum — "do I qualify?" — when the more important question is often "what will I pay?"

Lenders use loan-level price adjustments, or LLPAs, to price credit risk into your rate. An LLPA is essentially a fee — expressed as a percentage of the loan amount — that increases as your credit score decreases. Lenders typically roll these adjustments into your interest rate rather than charging them as a separate upfront fee. The result is that a borrower with a 620 score will generally receive a higher rate than a borrower with a 740 score on the exact same loan.

This matters for your break-even calculation. If you're refinancing to lower your rate, but your current score means you can only qualify for a rate that isn't meaningfully lower than what you have, the refinance may not be worth the closing costs. In some cases, spending three to six months improving your score before applying puts you in a materially better position — lower rate, lower payment, faster break-even. You can review current mortgage rates to see how today's market figures compare to what you're currently paying.

Other factors lenders look at alongside your credit score

Credit score is an important input, but it's one piece of a fuller picture. Lenders evaluating a refinance application also look closely at:

Debt-to-income ratio (DTI). Your DTI is your total monthly debt payments divided by your gross monthly income. For conventional refinances, the typical maximum is 45%, though some lenders go up to 50% with strong compensating factors. FHA refinances allow DTIs up to 46.9–56.9% with qualifying compensating factors — more flexibility than conventional. VA refinances use a residual income approach rather than a strict DTI cap, though lenders still look at the ratio.

Equity and loan-to-value ratio (LTV). The more equity you have, the less risk the lender is taking — and the better your terms are likely to be. For conventional refinances, having 20% or more equity means you avoid PMI. For cash-out refinances across most loan types, lenders typically cap the new loan at 80% LTV on primary residences, meaning you must retain 20% equity after the cash-out.

Payment history on your current mortgage. A lender refinancing you is looking at how you've handled the loan you already have. Late payments in the last 12 months — especially on your mortgage — can be a significant obstacle regardless of your score.

Income and employment. Full documentation refinances require income verification. Consistent employment history and documented income give lenders confidence in your ability to repay the new loan. You can learn more about what income documentation is needed to refinance.

What to do if your score isn't there yet

If your score falls below the minimum for the refinance you want — or above the floor but below the tier where you'd get a competitive rate — there are concrete steps that move the needle.

Pay down revolving balances. Credit utilization — the percentage of your available revolving credit you're currently using — is one of the most responsive factors in your score. Reducing balances on credit cards can improve your score within one to two billing cycles. Getting your utilization below 30% is a commonly cited target; below 10% typically produces the best results.

Dispute errors on your credit report. Pull your reports from all three bureaus and look for inaccurate late payments, accounts that aren't yours, or balances reported incorrectly. Errors are more common than most people expect, and disputing them successfully can produce a meaningful score improvement without changing any of your financial behavior.

Avoid new credit applications. Each hard inquiry from a new credit application can reduce your score by a few points and stay on your report for two years. In the months before a refinance application, avoid opening new credit cards, auto loans, or other lines of credit.

Don't close old accounts. Length of credit history and total available credit both factor into your score. Closing old accounts — even ones you no longer use — can reduce your available credit and shorten your average account age, both of which can hurt your score.

Meaningful credit improvement typically takes three to six months of consistent behavior. If your score is close to the next tier, that window may be worth the wait. If you already have an FHA or VA loan, a Streamline refinance may be available to you now — even at a lower score — while you work toward a full conventional refinance later.

Which credit score do lenders actually use?

When you apply for a refinance, your lender pulls your credit from all three major bureaus — Equifax, Experian, and TransUnion. This is called a tri-merge credit pull. The lender uses your middle score out of the three.

If you're applying with a co-borrower, the lender uses the lower middle score between the two of you. So if your middle score is 720 and your co-borrower's middle score is 630, the qualifying score for the application is 630. This is an important consideration when deciding whether to apply jointly or individually.

You can learn more about which credit score lenders use for mortgage applications and how the tri-merge pull works. It's also worth noting that checking your own credit — through a credit monitoring service or annualcreditreport.com — uses a soft inquiry and does not affect your score.

Streamline refinances — when a credit check may not apply

If you currently have an FHA or VA loan, you may have access to a streamline refinance — and the credit requirements for these products are fundamentally different from a full refinance.

An FHA Streamline refinance is available to existing FHA loan holders who want to lower their rate or payment. The program requires minimal documentation and, for non-credit-qualifying applications, does not require a new credit check. You still need to demonstrate a net tangible benefit — meaning the new loan must produce a lower payment or shorter term — but your current credit score may not be the gating factor it would be on a conventional or standard FHA refinance.

A VA Streamline Refinance works similarly. Available to existing VA loan holders, it requires minimal documentation and is often non-credit-qualifying. The formal name for this product is the Interest Rate Reduction Refinance Loan (IRRRL), though it's best referred to in plain language as the VA Streamline Refinance. Like the FHA Streamline, it must produce a clear financial benefit and cannot produce cash out.

Both programs offer a faster, simpler path to a lower rate for borrowers who already have government-backed loans. If your score has dipped since you originally borrowed, these options are worth exploring before concluding that refinancing isn't available to you.

Frequently asked questions

What credit score do I need to refinance my mortgage?

It depends on your loan type. Conventional refinances — rate-and-term or cash-out — generally require a minimum 620. FHA refinances accept scores as low as 580. VA rate-and-term refinances typically require 620, while VA cash-out refinances may go as low as 580. FHA and VA Streamline refinances are often available without a standard credit check for existing FHA and VA loan holders.

Can I refinance with a 580 credit score?

Yes, in some cases. FHA rate-and-term and cash-out refinances accept 580 as the minimum. VA cash-out refinances also start at 580. If you already have an FHA or VA loan, a Streamline refinance may be available to you with even less credit scrutiny. Conventional refinances require a minimum 620.

Does my credit score have to be perfect to get a good refinance rate?

No — but a higher score does unlock better pricing. Lenders use loan-level price adjustments to factor credit risk into your rate. A 740+ score typically produces the best available terms. A score at the minimum threshold qualifies you, but often means a higher rate than you'd receive with a stronger credit profile.

What's the minimum credit score for a cash-out refinance?

For a conventional cash-out refinance, the minimum is 620. For an FHA cash-out refinance, it's 580. For a VA cash-out refinance, lenders typically require 580 or higher. Note that cash-out refinances also require you to retain at least 20% equity in your home after the cash-out, regardless of loan type.

Can I refinance my FHA loan with bad credit?

Possibly. If you currently have an FHA loan, an FHA Streamline refinance may be available to you without a traditional credit check, as long as you have a history of on-time payments and the new loan produces a clear financial benefit. For a standard FHA rate-and-term or cash-out refinance, the minimum credit score is 580.

Which credit score do mortgage lenders actually use when you refinance?

Lenders pull all three major bureaus and use your middle score. If you're applying with a co-borrower, the lender uses the lower middle score between the two applicants. Since all three bureaus may report slightly different scores, it's worth checking all three before you apply.

How much does my credit score affect my refinance interest rate?

Significantly. Lenders use loan-level price adjustments (LLPAs) to price credit risk into your rate. The lower your score, the higher your rate — even at the same loan amount and LTV. The spread between a 620 score and a 760 score on a conventional refinance can translate to a meaningful rate difference and thousands of dollars in additional interest over the life of the loan.

What should I do to improve my credit score before refinancing?

The most effective steps are: pay down revolving credit card balances to reduce your utilization rate, dispute any errors on your credit report, avoid new credit applications in the months before you apply, and don't close old accounts. Meaningful improvement typically takes three to six months. If your score is close to the next pricing tier, that window is often worth the wait.

The bottom line

Your credit score is the starting point for any refinance — it determines what products you can access and at what rate. The minimums vary by loan type: 620 for conventional, 580 for FHA and VA cash-out, and often no standard credit check at all for FHA and VA Streamline refinances.

But qualifying and getting a competitive rate are different goals. If your score puts you at the floor, it's worth understanding what that means for your rate before you apply — and whether a few months of credit improvement would change the math meaningfully.

Better's tech, Betsy, evaluates thousands of loan scenarios to find the best available option for your profile — including checking whether an FHA or conventional product produces better terms based on your specific credit score, DTI, and equity. Checking your options takes as little as 3 minutes with no impact on your credit. You can also review refinance requirements to understand the full picture of what lenders consider beyond your score alone.

This article is intended for informational purposes only and does not constitute financial or legal advice. Mortgage products, rates, and terms vary by lender, loan type, and borrower profile. Consult a qualified mortgage professional before making decisions about your home loan.