Most buyers don’t need a perfect credit score to buy a home. The long-standing benchmark for loans backed by Fannie Mae and Freddie Mac is 620, and even that is no longer a hard rule for every mortgage they back. The way credit scores are calculated is also changing, so the number you see on an app may not be the one your lender uses.
If you’re thinking about buying in St. Johns County, whether in St. Augustine, Palencia, or World Golf Village, your credit is one of the first things a lender looks at. I talk with Northeast Florida buyers every week who are unsure where they stand. Many of them assume they’re further from qualifying than they really are. Here’s what’s changing and what stays the same.
1. Most People Are Guessing
Fannie Mae has tracked consumer perceptions of mortgage requirements since 2015. Year after year, people have overestimated the minimum credit score lenders require. As recently as 2023, the average guess was 652. The actual long-standing benchmark is 620.
A recent Veterans United survey found the same thing: consumers still overestimate what it takes to qualify.
Guessing wrong can cost you:
- A renter who assumes their score is too low may never take the steps to find out for sure.
- A buyer who thinks they need a higher score may delay a purchase they could have made sooner.
- Someone who skips the conversation with a lender never learns which loan programs might fit.
The only way to know where you stand is to ask a professional.
2. Credit Rules Are Changing
For decades, the mortgage industry relied on one set of scores, known as Classic FICO. To encourage competition, make credit scoring more inclusive, and help more Americans become homeowners, the Federal Housing Finance Agency (FHFA) has approved new credit score models, including FICO 10T and VantageScore 4.0.
A different model can produce a different number for the same person. VantageScore says its model can score about 33 million adults that the Classic FICO model can’t. So the score you saw in an app last month may not be the one your lender pulls.
Here’s what that means for you:
- Don’t panic if two scores don’t match. Different models can give different results.
- Ask your lender which score and model they use for your loan.
- Remember that the models may be new, but the basics haven’t changed.
3. Do Your Part and Partner With a Pro
Your credit score matters no matter how it’s measured. The same basic habits help your profile under both the old and new models:
- Pay every bill on time, every month.
- Keep credit card balances low compared to your limits.
- Avoid opening new credit accounts right before you apply for a mortgage.
- Review your credit reports for errors and dispute anything that’s wrong.
Credit models may change, but the advice for improving your score doesn’t. A little consistency and willpower go a long way. A loan officer can look at your full picture, explain what it means for your options, and help you build a plan.
Frequently Asked Questions
What credit score do I need to buy a home in Florida?
The long-standing benchmark for loans backed by Fannie Mae and Freddie Mac is 620, but it isn’t a hard rule for every mortgage they back. Requirements vary by loan program and lender, so a conversation with a loan officer will give you a real answer.
Why is my credit score different on my app than what my lender sees?
Lenders may use a different scoring model than the one behind your app. A different model can produce a different number for the same person, even when your credit history hasn’t changed.
Should I talk to a lender before I start looking at homes?
Yes, it’s a smart first step. A loan officer can review your credit, your budget, and your goals so you know what you can afford before you fall in love with a house.
Bottom Line
Don’t make credit or homebuying decisions based on a chart, an app, or a friend’s advice. With the rules shifting and so many misconceptions out there, it’s never too early to talk to a professional loan officer about credit, budgeting, and what it would take to qualify for a mortgage. You may be closer to owning a home than you think.
If you are considering buying or selling in Northeast Florida, contact Danielle Fraser, P.A. | Berkshire Hathaway HomeServices Florida Network Realty.
Call or text 904-907-4559 , email danielle@