What Is a Credit Score?

Short answer

A credit score is a number, usually from 300 to 850, that predicts how likely you are to repay debt on time, according to the CFPB (as of November 2026). For a mortgage, lenders pull scores from the credit bureaus and use your middle score, then the lowest qualifying score among all borrowers. Higher scores can mean better pricing and more program options.

Definition

A score built from your credit reports: payment history, balances owed, how much available credit you use, length of history, account types and recent applications. You have many scores, not one, because each model and bureau differs.

Worked example

Example only: one borrower's three bureau scores are 702, 688 and 715, so the middle score, 702, counts. The co-borrower has only two scores, 660 and 645, so the lower one, 645, counts. On an FHA loan under Mortgagee Letter 2026-11, the minimum decision credit score is the lowest borrower score, 645. That is above FHA's 580 threshold for maximum financing, so the file may qualify, subject to credit approval. If the co-borrower were at 560, FHA would cap the loan at 90% LTV.

Score tiers in plain terms

Score bands are not official cutoffs, but in general: scores in the high 700s and up usually get the most options; the 600s and low 700s can still qualify for many programs; scores below 620 often point to FHA loans. FHA's own floors, unchanged under ML 2026-11: below 500 is not eligible, 500-579 is capped at 90% LTV, and 580+ is eligible for maximum financing. Rates vary daily; call for today's pricing.

2026 credit score model changes

• Fannie Mae and Freddie Mac: per FHFA (updated October 2, 2026), Classic FICO is still accepted, VantageScore 4.0 opened to all approved lenders on September 9, 2026, and FICO 10T is approved but not yet eligible for delivery
• FHA: Mortgagee Letter 2026-11 (October 8, 2026) adds FICO 10T and VantageScore 4.0 for case numbers assigned on or after January 1, 2027
• The lender must use the same model for all borrowers on a loan

Late payments can be fixed only if they are errors; a rapid rescore can update corrected or paid-down accounts faster.

In South Florida

Many South Florida buyers are self-employed, new to U.S. credit or rent instead of owning, so a thin credit file is common. The newer models, VantageScore 4.0 and FICO 10T, use trended data and, per HUD, can count non-traditional credit like rent and utility payments. That may help some first-time buyers in Miami, though results vary by file.