Can I get a conventional loan with a 600 credit score?

It is rarely practical. Fannie Mae and Freddie Mac set a 620 minimum, and most lenders overlay to 640 or 660. Even if approved at 620, loan-level price adjustments per the Fannie Mae LLPA matrix can add 2.75 points to the rate at sub-660 FICO with 5 percent down, which typically prices the loan above any FHA alternative.

What FHA rate can I expect at a 600 credit score?

Lender rate sheets in mid-2026 typically price 580 to 619 FICO FHA loans at 0.25 to 0.50 percentage points above the par 30-year FHA rate. FHA does not impose LLPA-style risk adjustments because the FHA insurance pool covers the risk, which is why 600 FICO is workable on FHA but not conventional.

Will any lender do conventional at 600 FICO?

A small number of non-QM portfolio lenders may, but the rate and PMI cost combination typically exceeds FHA by 1.5 to 2.5 points. For most 600 FICO buyers, FHA is the only realistic path to a primary-residence mortgage at standard rates.

FHA vs Conventional with a 600 Credit Score

At 600 FICO, FHA is almost always the only realistic path to a primary residence. Conventional sits behind a 620 floor, lender overlays, and Fannie LLPAs that price the loan above FHA in nearly every scenario.

Verdict

FHA wins. The 3.5% down option at 580+ FICO per HUD 4000.1 Section II.A.1 is structurally cheaper than the rare conventional approval at 600 FICO once LLPAs and PMI cost are stacked.

Where 600 FICO sits in each programme

Programme	600 FICO eligibility	Practical reality
FHA	Eligible at 580+ FICO with 3.5% down (HUD 4000.1 II.A.1.b)	Most lenders accept. Some overlay to 620 or 640, plenty do not.
Fannie Mae conventional	Below 620 floor (Selling Guide B3-5.1-01)	Ineligible. No approval path.
Freddie Mac conventional	Below 620 floor (Seller Guide 5201.1)	Ineligible.
Non-QM portfolio conventional	Some lenders price 580+	Rate often 8.5 to 9.5% with PMI at 1.0 to 1.5%. Rarely competitive vs FHA.

Cost stack at 600 FICO on a $300k home

Line item	FHA 3.5% down	Non-QM Conventional 5% down
Base loan amount	$289,500	$285,000
Rate (mid-2026 typical)	6.9%	8.5%
UFMIP (rolled in)	$5,066	$0
Annual MI rate	0.55%	1.20%
P&I monthly	$1,940	$2,191
MI monthly (year 1)	$135	$285
Total PITI ex-tax/ins (year 1)	$2,075	$2,476

FHA may be roughly $400 per month cheaper at 600 FICO. Over a 7-year hold, that is approximately $34,000 in cash flow.

The FHA-to-conventional exit at 620 to 660 FICO

If your FICO rebuilds to 660 or higher and you reach 20% equity, a conventional refinance can drop MIP entirely. The break-even on roughly $5,000 in refi closing costs is typically 24 to 30 months of MIP savings at this credit profile. See refinancing out of FHA for the full path.

What to do at 600 FICO before applying

Pull a tri-merge from a mortgage broker, not a free FICO 8 from a credit card app. Mortgage lenders use FICO 2, 4 and 5; scores typically differ by 10 to 40 points.
Pay revolving balances under 30% of the limit at least 45 days before pull. Utilization improvements typically lift FICO 10 to 30 points.
Do not close old accounts. Average age of accounts is weighted in FICO and closing a 15-year card can cost 15 to 25 points.
Avoid new tradelines or inquiries in the 60 days before lender pull.

Rate disclaimer

Rates and PMI cost factors change frequently. Numbers above use mid-2026 typical lender pricing and the Fannie Mae base LLPA matrix as of February 2026. Consult a licensed loan officer for a quote on your specific FICO, LTV, and lender programme.

Sources

HUD Handbook 4000.1 Section II.A.1 (FHA credit minimums): hud.gov/4000.1
HUD Mortgagee Letter 2024-04 (FHA MIP rates): HUD ML 2024-04 PDF
Fannie Mae Selling Guide B3-5.1-01 (credit score): selling-guide.fanniemae.com
Fannie Mae LLPA Matrix: LLPA matrix