What credit score do you need to buy a house?

Your credit score will often make or break your mortgage application and help determine your rate.

Your score ranges from 300 to 850, and is based on your credit history and overall creditworthiness. There are multiple versions of your credit score, but mortgage lenders typically use FICO^® Score 2, 4 or 5. As of May, the Federal Housing Finance Agency (FHFA) began allowing lenders to use the VantageScore 4, and will soon allow lenders to use the  FICO^® Score 10T.

Below, we outline credit score requirements for common mortgage types, look at some of the best lenders if you have bad credit and provide simple ways you can improve your score.

The score you need to secure a mortgage depends on the type of loan you want.

Below are the minimum scores required for five common types of mortgages:

• Conventional loan: About 70% of all mortgages are conventional loans, which typically require a FICO score of 620 or better.
• FHA loans: Insured by the Federal Housing Administration, FHA loans require a score of 500 if you can put 10% down. If you have a score of 580 or better, however, you can put down just 3.5%.
• VA loans: Insured by the U.S. Department of Veteran Affairs, VA loans are available to current and former service members and their spouses. While the VA doesn't set any credit score requirements, most lenders prefer a 620 or higher.
• USDA loans: A USDA loan is insured by the U.S. Department of Agriculture and is meant for low- to moderate-income borrowers buying a home in a designated rural or suburban area. The USDA doesn't set a minimum credit score requirement, though most lenders will want borrowers to have at least a 620.
• Jumbo loan: A jumbo loan exceeds the limits for mortgages set by the Federal Housing Finance Agency, which means it can't be insured by FHA or bought by Fannie Mae or Freddie Mac. Since that puts lenders at increased risk, they require a higher credit score — typically a 680 to 700.

Mortgage lenders use your FICO credit score to decide whether to approve your loan and what interest rate to charge you. Generally speaking, the higher your credit score, the lower your rate will be.

A homebuyer with very good or excellent credit (780 to 850) taking out a 30-year, fixed-rate mortgage for $400,000 will receive a mortgage rate of 5.965% on average, according to FICO's home purchase center calculator.

If the same borrower has a credit score between 700 and 759, their rate would go up to 6.187%.

That rate starts to rise precipitously as the score drops below 700, according to FICO: With a 640, you would pay 7% on average. With a 620, it would go up to 7.554%.

How to improve your credit score

Your credit score reflects your history of paying off debt. Here are some ways to improve it.

• Make on-time payments on credit cards, loans and other debts.
• Pay the full balance due on your credit card each month
• Keep your credit utilization rate under 30%
• Increase the credit limit on existing credit cards
• Don't open new lines of credit

While a 620 FICO score is the benchmark for a conventional mortgage, there are options for borrowers who have a lower score or no credit score at all.

For bad credit: Carrington Mortgage Services

Why Select likes Carrington Mortgage Services: This lender specializes in working with borrowers with poor or fair credit. The Carrington Flexible Advantage loan is a non-qualified mortgage with a credit score requirement of 550, making it a good option if you've made late payments or had a bankruptcy in the past. Additionally, Carrington considers alternative credit sources, such as bank statements and paid bills.

For no credit score: Guild Mortgage

Why Select likes Guild Mortgage: Guild is great for those with a thin or non-existent credit history. It will consider applicants who don't have a FICO credit score by looking at non-traditional credit sources, such as on-time rent, medical or utility bill payments. In addition to conventional mortgages, Guild offers government-backed USDA, FHA and VA loans.

For VA loans: Rocket Mortgage

Why Select likes Rocket Mortgage: If you want a VA loan, but don't think you have the credit for it, consider Rocket. While most lenders look for a 620 FICO score for a VA loan, Rocket Mortgage accepts applicants with a 580. This online lender is the nation's largest issuer of home loans and routinely tops JD Power's mortgage surveys.

For USDA loans: Flagstar Bank

Why Select likes Flagstar: If you want to take out a USDA loan but don't have a 620 credit score, consider Flagstar. It will approve USDA loans for applicants with scores as low as 580, compared to the 620 most lenders prefer. With the Flagstar gift program, eligible first-time homebuyers can receive 3% of their home's purchase price to put toward their down payment or closing costs.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every mortgage article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of mortgage products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

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