Credit score is the single most-asked question I get. Here are the real minimums for every Utah loan program, plus what your score actually does to your monthly payment.
Real credit score minimums by Utah loan program
FHA: 580 with 3.5% down, or 500-579 with 10% down. VA: technically no minimum but most lenders want 580+. USDA: 640. Conventional: 620 to start, but pricing improves dramatically at 660, 680, 700, 720, 740, 760. Jumbo: 680 minimum, usually 720+ for best pricing.
What a credit score actually costs you per month
On a $400,000 Utah mortgage, the difference between a 620 score and a 760 score can be 1% or more on your rate. That's roughly $250 per month, or $90,000 over the life of a 30-year loan. Credit score is not a vanity number when buying a house.
How to bump your score in 30-60 days
1. Pay down credit card balances to below 30% of the limit (under 10% is even better). 2. Don't close old accounts (it shortens your credit history). 3. Don't apply for any new credit during the process. 4. Dispute any errors on your report. 5. If you have collections, ask me before paying them off; sometimes paying a collection can actually drop your score on certain scoring models.
Soft pull vs hard pull
I always start with a soft credit pull, which doesn't affect your score. Once we move forward, we do a tri-merge hard pull. Multiple mortgage pulls within a 45-day window count as one inquiry, so feel free to shop. The hit recovers within 30-60 days.