If you want go for FHA loan, then you require a score of 620, and if you want to go for conventional loan, then you need to have a credit score of 700+.... Some lenders can work with you with a score less than 620, but they can charge you higher interest rates, or you may be asked for higher down payment... You also need to satisfy the other conditions required to be eligible for FHA loan...

Please check with your favorite lender. It will be extremely difficult to find a lender that will give a mortgage with a score under 620. Even at 620 it is starting to become difficult sometimes. Please talk to someone and get yourself pre-approved before you begin your home search. It can be very upsetting to someone to find a home they love and then find out that the financing isn't going to work. It also lets you know what price range you can realistically look in.

FHA/VA requires 620. In order to get a conventional loan with a 620 you would need a sizable down payment and even then you would probably be better off going FHA/VA because of what is called "tiered pricing" which basically means that your interest rate depends on your down payment as well as your credit score. In order to avoid fees and a higher interest rate you would want your score to be 720 or above to go conventional.

We had a guest in the office this week from one of the largest companies in the country & he told us that conventional is now up to 720.

You need a 620 or higher to qualify for an FHA loan. Traditional Conventional requires 680 or higher.

Average? No idea. 720 will get you preferred rates on mortgages. 780 will get you better. 600 less. 500 - difficult to finance. 400 don't know any lenders who will finance.