Your credit score is the biggest factor in determining the mortgage rate you receive, or even if you qualify for a home mortgage. If you have a good or higher credit score, it can ultimately save you thousands of dollars over the life of the loan. According to Experian®, the minimum credit score needed to apply for a conventional loan is 620. However, if you’re applying for a government-funded loan, you can qualify with a lower score but likely will have to pay for private mortgage insurance. For the best mortgage terms and rates, the ideal credit score is 720 or higher.