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640 gives you solid access to both FHA and conventional loans. PMI is required on conventional loans below 20% down, but rates are improving meaningfully from 620.
Our Top Picks for 640 Credit Score
Best Overall
Rocket Mortgage
APR Range6.75% – 7.99%
Min. Credit Score620
Why we recommend it: Rocket Mortgage offers competitive rates for 640 borrowers on both FHA and conventional loans with an excellent digital experience.
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Best Rate
Better.com
APR Range6.65% – 7.85%
Min. Credit Score620
Why we recommend it: Better.com consistently offers some of the lowest rates for 640 borrowers with no lender fees, which saves thousands at closing.
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Best for Comparison
Credible
APR Range6.75% – 7.99%
Min. Credit Score620
Why we recommend it: Credible's multi-lender comparison lets you see real rates from multiple lenders in minutes without affecting your credit score.
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Frequently Asked Questions
What mortgage rate can I get with a 640 credit score?
640 borrowers typically qualify for 6.75–8% on conventional loans in the current rate environment. FHA rates are similar but come with mandatory mortgage insurance.
How much does PMI cost at 640 credit?
PMI for 640 borrowers typically costs 0.5–1.5% of the loan amount annually. On a $300,000 loan, that's $1,500–$4,500/year ($125–$375/month) until you reach 20% equity.
Is it worth waiting to improve from 640 to 680 before buying?
Improving from 640 to 680 could save 0.5–0.75% APR. On a $300,000 mortgage, that's $90–$135/month or $32,000–$48,000 over 30 years. If you can improve in 6–12 months, it may be worth waiting.