By David Parks · eXp Realty · The Apollo Group · 2 min read
Most buyers overestimate the credit score they need. The long-standing benchmark for loans backed by Fannie Mae and Freddie Mac is 620, and lenders are now allowed to use newer scoring models, which can produce different scores.
Fannie Mae has tracked consumer perceptions since 2015 and found people consistently overestimate the minimum score needed to qualify. As recently as 2023, the average guess was 652. A recent Veterans United survey found the same pattern.
For decades, the mortgage industry used Classic FICO. The Federal Housing Finance Agency has approved newer models, including FICO 10T and VantageScore 4.0. VantageScore says its model can score about 33 million adults that Classic FICO cannot. The score on a free app may not match the one a lender pulls.
Do not decide whether you can buy from an app or a chart. Talk with a loan officer about your credit, budget, and what loan types may fit. David’s background includes several years as a mortgage loan originator, and he can connect you with Denver-area lenders.
Fannie Mae, Veterans United, FHFA, and VantageScore information as reported in October 2026. Lender requirements vary.
This article is general information, not legal, tax, financial or inspection advice. Every home and situation is different, so confirm details with a licensed inspector, lender, attorney or tax professional.
David is a Greater Denver real estate advisor with eXp Realty and The Apollo Group (Colorado broker license FA100103211). He has closed more than $55 million in volume, earned eXp Icon status in 2025, and holds a 5.0 rating on Zillow from 27 verified reviews.
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