Yes, you can absolutely get a mortgage with a 691 credit score, as it falls within the "good" range (670–739) and exceeds the minimum requirements for most major loan types. You will likely qualify for conventional, FHA, VA, and USDA loans, offering competitive rates, though not the absolute lowest reserved for 740+ scores.
A strong credit score could help you secure a lower mortgage rate. You generally need a credit score of at least 620 to qualify for a conventional mortgage, though every lender is different. FHA loans, which are backed by the federal government, may be an option for individuals with credit scores as low as 500.
With a credit score of 691, you're likely to qualify for a personal loan, though keep in mind that the interest rates on these types of loans tend to be higher (since unsecured loans are riskier for the lending institution).
The lowest credit score for a mortgage depends on the loan type, with FHA loans allowing scores as low as 500 (with 10% down), while conventional loans typically need at least a 620 FICO score, and VA/USDA loans have flexible or no official minimums but lenders often prefer 580-640. You'll likely get a higher interest rate with lower scores, but options exist for borrowers with fair to poor credit.
Trying to raise your credit score?
For most people, increasing a credit score by 100 points in a month isn't going to happen. But if you pay your bills on time, eliminate your consumer debt, don't run large balances on your cards and maintain a mix of both consumer and secured borrowing, an increase in your credit could happen within months.
The 3-7-3 Rule in mortgages isn't a loan type but a federal timeline from the TILA-RESPA Integrated Disclosure (TRID) rule, ensuring borrower protection by mandating disclosures within 3 business days of application, a 7-business-day wait between the initial Loan Estimate and closing, and another 3-day wait if significant changes (like APR) occur, giving borrowers time to review costs before committing to a loan.
Ways to improve your credit score
Paying your loans on time. Not getting too close to your credit limit. Having a long credit history. Making sure your credit report doesn't have errors.
The 15/3 credit card payment method is a strategy to improve your credit score by making two payments monthly: one around 15 days before the statement closing date and another about 3 days before the due date, aiming to lower your reported balance and credit utilization ratio before the issuer reports to bureaus. While paying down balances helps, experts note there's nothing magical about the 15 and 3-day marks, suggesting focusing on your statement's credit reporting date for better results.
You are likely to see your credit scores improve after paying off debt. The three NCRAs receive new information from your creditors and lenders every 30 to 45 days. If you've recently paid off a debt, it may take more than a month to see any changes in your credit scores.
Your score falls within the range of scores, from 670 to 739, which are considered Good. The average U.S. FICO® ScoreΘ , 714, falls within the Good range.
The lowest credit score for a mortgage depends on the loan type, with FHA loans allowing scores as low as 500 (with 10% down), while conventional loans typically need at least a 620 FICO score, and VA/USDA loans have flexible or no official minimums but lenders often prefer 580-640. You'll likely get a higher interest rate with lower scores, but options exist for borrowers with fair to poor credit.
In general, the majority of mortgages require a credit score of 620 or higher. However, credit score requirements to buy a home can vary based on the lender and mortgage type. The reason for varying credit score requirements is based on the risk of the loan defaulting.
A 3.5% down payment on a $400,000 house is $14,000, typically available through an FHA loan for buyers with credit scores of 580 or higher, resulting in a loan amount of around $386,000 (plus mortgage insurance) and higher overall costs due to Mortgage Insurance Premiums (MIP). While it lowers upfront costs, this option usually means higher monthly payments and more expensive long-term financing compared to a larger down payment.