- A 700 score qualifies for FHA with room to spare. HUD's floor for maximum financing is a 580 middle score.
- FHA's premium ignores your score. HUD prices FHA mortgage insurance by loan term, loan amount and loan-to-value only.
- Conventional pricing rewards a higher score. Fannie Mae's price adjustments shrink in steps from 700 to 780 and up.
- Private mortgage insurance can end. FHA's usually does not. Borrow more than 90 percent of the value with FHA and the premium stays for the full term.
- FHA can still win at 700. High debts, a recent bankruptcy or foreclosure, or a low-score co-borrower can tip it back.
Yes. A 700 credit score qualifies for an FHA loan, 120 points above HUD's floor (score points, not loan fees).
The better question is whether FHA is still the cheaper loan at 700. HUD, the federal housing agency that runs FHA, charges the same mortgage insurance rate at 700 as it does at 580: 0.50% or 0.55% a year on a 30-year loan.
Conventional loans work the other way. Their pricing gets better as your score climbs, and their private mortgage insurance can come off later. So at 700, many Las Vegas buyers are standing near the line where conventional starts to win.
This guide shows where that line sits. It uses HUD's own premium chart, Fannie Mae's price table and one worked Clark County example.
In short. A 700 score clears FHA easily, but FHA does not reward it. Its premium is the same for every score.
Conventional pricing improves at 700 and again at 720, 740, 760 and 780. Get an FHA quote and a conventional quote on the same day, and compare the mortgage insurance line by line.
Can you get an FHA loan with a 700 credit score?
Yes. An FHA loan with a 700 credit score is a strong file on the credit side. HUD's floor for maximum financing is a 580 score, and a 700 sits 120 points above it.
HUD's rulebook for FHA loans is Handbook 4000.1. It sets two credit tiers. A middle score of 580 or higher gets maximum financing. A score from 500 to 579 is capped at 90 percent loan-to-value, which means you borrow no more than 90 percent of the home's value.
So at 700, FHA eligibility is not the question. What the lender looks at next is your income, your debts and the home itself. Our guide to FHA credit score requirements in Las Vegas walks through every tier, and the 640 credit score FHA guide covers the band just below you.
Does a higher credit score lower FHA mortgage insurance?
No. A higher credit score does not lower FHA mortgage insurance. HUD sets the premium with three things only, and your score is not one of them:
"The MIP rate and duration of the MIP assessment period vary by mortgage term, Base Loan Amount, and LTV ratio for the Mortgage, as shown in the MIP chart."
HUD, FHA Single Family Housing Policy Handbook 4000.1, page 183, last revised 8/12/2026: https://www.hud.gov/sites/default/files/Housing/documents/40001-hsgh-Update-18.pdf
In that sentence, LTV means loan-to-value. The MIP is the mortgage insurance premium, which is the insurance FHA charges to protect the lender. You pay it two ways:
- An upfront premium of 1.75 percent of the base loan amount. Most buyers roll it into the loan.
- An annual premium, billed in monthly pieces. On a 30-year loan at or under $726,200, it is 0.55 percent a year above 95 percent loan-to-value, and 0.50 percent at or below 95 percent.
How long you pay also turns on loan-to-value, not your score. Borrow more than 90 percent of the value and the annual premium lasts the full loan term. Borrow 90 percent or less and it ends after 11 years.
FHA annual premium on a 30-year loan, by loan-to-value
| Loan-to-value at closing | Annual premium | How long it lasts |
|---|---|---|
| Above 95% | 0.55% | Full loan term |
| Above 90% up to 95% | 0.50% | Full loan term |
| 90% or less | 0.50% | 11 years |
Read the table with your score in mind. A 580 borrower and a 780 borrower at 95 percent loan-to-value pay the same 0.50 percent. At 700, that flat price is the whole problem. Our FHA mortgage insurance guide for Las Vegas covers the rest of the premium rules.
How does a 700 score change conventional pricing?
A 700 score gets better conventional pricing than a 680, and a 740 gets better pricing still. Fannie Mae, a company that buys conventional loans from lenders, prices them partly by your score.
It does this with a loan-level price adjustment, or LLPA. That is a one-time charge set as a percent of the loan. The lender pays it to Fannie Mae, and it shapes the price the lender can offer you. Fannie Mae's own table says what it is based on:
"LLPAs are assessed based upon certain eligibility or other loan features submitted in Fannie Mae’s Loan Delivery system, such as credit score, loan purpose, occupancy, number of units, product type, etc."
Fannie Mae, Loan-Level Price Adjustment Matrix, page 1, dated 09.09.2026: https://singlefamily.fanniemae.com/media/9391/display
The same document says FHA loans are excluded from these charges. Here is how the charge steps down on a purchase loan above 90 percent loan-to-value, where most buyers with a small down payment land.
Fannie Mae price adjustment on a purchase loan above 90% loan-to-value
| Credit score | 90.01% to 95% loan-to-value | Above 95% loan-to-value |
|---|---|---|
| 680 to 699 | 1.375% | 1.125% |
| 700 to 719 | 1.125% | 0.875% |
| 720 to 739 | 0.875% | 0.750% |
| 740 to 759 | 0.625% | 0.500% |
| 760 to 779 | 0.500% | 0.250% |
| 780 and up | 0.250% | 0.125% |
Here is the part most comparison pages leave out. Fannie Mae waives every one of these charges for some first-time buyers. A first-time buyer whose qualifying income is at or below 100 percent of the area median income qualifies, and HomeReady loans do too. You can check your income against the Las Vegas figure with Fannie Mae's area median income lookup.
Conventional loans also carry private mortgage insurance, or PMI, when you borrow more than 80 percent of the value. A private insurer (an insurance company) prices it, not Fannie Mae. Unlike FHA's premium, federal law makes it end:
"in general, your servicer must automatically terminate PMI on the date when your principal balance is scheduled to reach 78 percent of the original value of your home."
CFPB, When can I remove private mortgage insurance (PMI) from my loan?: https://www.consumerfinance.gov/ask-cfpb/when-can-i-remove-private-mortgage-insurance-pmi-from-my-loan-en-202/
The score bands are 20 points wide, and the edges matter. A 719 and a 720 land in different rows. If you are a few points under a line, ask the lender whether paying down a card balance before the credit pull could move you up a band. It will not change FHA's premium, but it can change a conventional quote.
FHA or conventional at 700: which costs less?
At 700, FHA and conventional are close, and the private mortgage insurance quote usually decides it. The CFPB, the federal consumer finance agency, puts it plainly:
"Other types of loans may be more or less expensive than a conventional loan with PMI, depending on your credit score, your down payment amount, the lender, and general market conditions."
CFPB, What is private mortgage insurance?: https://www.consumerfinance.gov/ask-cfpb/what-is-private-mortgage-insurance-en-122/
A buyer with a 705 middle score compares the two loans in the same loan-to-value band.
FHA: an upfront premium of 1.75 percent of the loan, usually added to the loan. Then an annual premium of 0.50 percent, which lasts the full term because the loan starts above 90 percent.
Conventional: Fannie Mae's price adjustment for 700 to 719 in this band is 1.125 percent of the loan, one time, unless the first-time buyer waiver applies. PMI comes from the insurer's quote. It must end once the balance is scheduled to reach 78 percent of the original value.
The tie point: if the PMI rate on the conventional quote is below 0.50 percent a year, it already costs less each year than FHA's premium, and it can end. Above that, compare over the years you plan to keep the loan.
Illustrative figures only, not a quote, offer, or commitment to lend. Your price, loan amount, score and quotes will differ, and all loans are subject to credit, income, property, and underwriting approval.
Notice what moves and what does not. Raise this buyer's score to 745 and FHA's percentages stay exactly where they are. The conventional price adjustment drops to 0.625 percent.
PMI quote below FHA's rate
Conventional usually costs less on mortgage insurance, and the PMI can end. Lean conventional if the rest of the quote holds up.
PMI quote close to FHA's rate
Look at how long you will keep the loan. PMI that ends after some years can beat a premium that runs for the full term.
PMI quote well above FHA's rate
FHA may be the cheaper loan today. You can refinance later if your score and equity rise.
A loan officer can price both loans on the same day, from the same credit pull, so you see the mortgage insurance side by side.
Soft credit check to start, no impact to your score. All loans are subject to credit, income, property, and underwriting approval. Not a quote, offer, or commitment to lend.
Compare my optionsCompare FHA and conventional on your numbers
The mortgage insurance check below applies HUD's premium chart and Fannie Mae's price table to your loan-to-value and score. Enter the PMI rate from a real conventional quote for the best read.
FHA vs. conventional mortgage insurance check
Uses HUD Handbook 4000.1 Appendix 1.0 and Fannie Mae's LLPA Matrix dated 09.09.2026. Illustrative only, not a quote, offer, or commitment to lend.
Your PMI rate matches the FHA annual premium, so the yearly cost is a tie. Conventional still has the edge over time, because PMI must end at 78 percent of the original value.
Rate, points and other costs are left out on purpose; compare them on the two quotes. The FHA loan-to-value cap on a purchase is 96.5 percent, and the 2026 Clark County FHA limit for one unit is $541,287.
When does FHA still win with a 700 credit score?
FHA still wins at 700 when something other than your score is the weak spot. Four cases come up often in Las Vegas.
- Your debts are high for your income. Fannie Mae caps manually reviewed loans at a 36 percent debt-to-income ratio (your monthly debts divided by your monthly income), or 45 percent with strong credit and savings. Its automated system allows up to 50 percent. HUD lets a manually reviewed FHA file reach 40 percent on the house payment and 50 percent overall with two strengths, such as savings or other income. See how FHA debt-to-income ratios work in Nevada.
- You had a bankruptcy or foreclosure. FHA asks for two years after a Chapter 7 discharge and generally three years after a foreclosure. Fannie Mae asks for four years and seven years. A rebuilt 700 score does not shorten those waits. Our page on FHA after a foreclosure or short sale covers the details.
- Your co-borrower has a low score. Both HUD and Fannie Mae use the lowest middle score among the borrowers. FHA's premium does not change with that score. Fannie Mae's price adjustment does: a 620 spouse moves a 95 percent loan to its 639-and-under row, 2.250 percent.
- The PMI quote comes back high. If the conventional quote carries PMI well above FHA's 0.50 or 0.55 percent, FHA can be the cheaper loan today.
FHA today does not lock you in. If your score and equity rise, a later refinance into a conventional loan can end the FHA premium. Our look at the math of refinancing out of FHA mortgage insurance shows when that pays. The comparison from the conventional side is on our sister site's conventional vs. FHA guide for Nevada.
Which credit score will the lender actually use?
An FHA lender uses the middle of your three bureau scores, not the number in your credit app. HUD calls it the Minimum Decision Credit Score:
"Where three scores are reported, the median score is the MDCS."
HUD, FHA Single Family Housing Policy Handbook 4000.1, page 151, last revised 8/12/2026: https://www.hud.gov/sites/default/files/Housing/documents/40001-hsgh-Update-18.pdf
With two or more borrowers, HUD takes each person's middle score and uses the lowest one. So a 700 buyer applying with a 650 spouse is a 650 file for FHA's credit tiers.
Mortgage lenders also pull scores built for mortgages. The number in a free app can be a different scoring model. It can land higher or lower than the one on your loan file. Before you pick FHA or conventional because of a 700, get the lender's pull and see which band you are really in.
How much can a 700 score borrow in Clark County?
An FHA loan in Clark County tops out at $541,287 for a one-unit home in 2026, even with a 700 credit score. That is HUD's national floor limit, set at 65 percent of the $832,750 conforming limit (the size cap for loans Fannie Mae and Freddie Mac can buy).
Your score does not raise the FHA cap. A conventional loan can go up to $832,750 in Clark County, which is one reason higher-score buyers whose loan would top $541,287 move to conventional. The full county breakdown is on our Clark County FHA loan limits page.
FHA and conventional at a 700 score in Clark County
| Question | FHA | Conventional (Fannie Mae) |
|---|---|---|
| Minimum score | 580 for maximum financing; 500 at 90% loan-to-value | 620 for a manually reviewed fixed-rate loan; none set for its automated system |
| Does a 700 score lower the price? | Not the premium; it is the same at every score | Yes; the price adjustment steps down every 20 points |
| Mortgage insurance | 1.75% upfront plus 0.50% or 0.55% a year | PMI above 80% loan-to-value, priced by the insurer |
| When it ends | Full term above 90% loan-to-value; 11 years at 90% or less | On request at 80%; automatically at 78% of original value |
| 2026 one-unit loan cap in Clark County | $541,287 | $832,750 |
| Wait after Chapter 7 bankruptcy | 2 years from discharge | 4 years from discharge or dismissal |
| Wait after foreclosure | Generally 3 years | 7 years |
Does a 700 score help with Nevada down payment assistance?
Yes. A 700 credit score clears the floor for Nevada down payment assistance through the Nevada Housing Division's Home Is Possible program. Its program page lists the rule directly: a minimum credit score of 640, or 660 for a manufactured home.
The same page says the maximum debt ratio runs up to 50 percent based on credit score and loan type. So a stronger score can matter there too. The help runs up to 4 percent of the total loan amount. You must be a first-time buyer, which means you have not owned a home in the past three years.
Income and price limits still apply by county. Our guide to down payment assistance in Las Vegas lists what is open in 2026. The credit score to buy a home in Las Vegas guide compares the loan types.
What should a 700-score buyer in Las Vegas do next?
A Las Vegas buyer with a 700 credit score should price both loans before choosing one. Five steps, in order:
- Get your real middle score from a mortgage credit pull, not an app.
- Note your score band. If you sit a few points under 720 or 740, ask whether paying down a card could move you up before the final pull.
- Ask for an FHA quote and a conventional quote on the same day, with the PMI rate written out.
- Run both through the check above and look at how long each premium lasts.
- Check the first-time buyer waiver if your income is near the Las Vegas median.
For a plain comparison of the two loan types, our parent company keeps a side-by-side of FHA and conventional loans. Our sister site also explains how private mortgage insurance works in Las Vegas.
The bottom line
A 700 score makes FHA easy to get. It does not make FHA cheaper, because HUD's premium is the same at every score.
Conventional pricing rewards the same 700, and its PMI can end. For most 700 buyers with clean credit and normal debts, the PMI quote decides it. FHA still earns its place when debts run high, a past bankruptcy or foreclosure is recent, or a co-borrower's score is low.
Price both loans on the same day, and compare your FHA and conventional options with a local loan officer who can pull the real score.
Article history
- September 28, 2026 · Published. Built from HUD Handbook 4000.1, Update 18, last revised 8/12/2026, downloaded as a PDF and read, for the credit score tiers, the premium chart and the waiting periods.
- September 28, 2026 · Conventional pricing read at the source. The price adjustment rows and the first-time buyer waiver were read from Fannie Mae's LLPA Matrix dated 09.09.2026, and the score and debt rules from the Fannie Mae Selling Guide.
- September 28, 2026 · Limits and PMI rules checked. The $541,287 and $832,750 limits come from HUD Mortgagee Letter 2025-23 and FHFA, and the PMI cancellation rules from the CFPB.
Frequently asked questions
Can you get an FHA loan with a 700 credit score?
Yes, easily. HUD requires a 580 middle score for maximum FHA financing, so a 700 clears the floor by 120 points.
At 700 the score is rarely what holds an FHA file back. Income, debts and the home itself matter more.
Does a higher credit score lower FHA mortgage insurance?
No. HUD sets the FHA premium by loan term, loan amount and loan-to-value (how much you borrow compared with the home's value). Your credit score is not part of it.
A 700 borrower and a 580 borrower with the same loan pay the same FHA premium rate.
Is conventional cheaper than FHA with a 700 credit score?
Often, but not always. Conventional pricing gets better as your score rises, and its private mortgage insurance can end. FHA's premium does not change with your score.
The CFPB says the answer depends on your credit score, your down payment, the lender and the market. Compare both quotes side by side.
What credit score does the lender use for an FHA loan?
The middle of your three bureau scores. With two borrowers, HUD uses the lower of the two middle scores.
The score in a free credit app may not match the one a mortgage lender pulls.
When does FHA still make sense with a 700 credit score?
FHA can still fit when your debts are high compared with your income. It can also fit after a recent bankruptcy or foreclosure, or when a co-borrower has a much lower score.
It can also fit when a conventional quote comes back with costly private mortgage insurance.
Does private mortgage insurance ever go away?
Yes, on a conventional loan. Federal law lets you ask to cancel it once your balance is scheduled to reach 80 percent of the home's original value. It must end on its own at 78 percent if you are current.
FHA's annual premium lasts for the full loan term when you borrow more than 90 percent of the value.
How much can a 700 credit score borrow on an FHA loan in Clark County?
The 2026 FHA limit for a one-unit home in Clark County is $541,287. Your credit score does not raise that cap.
A conventional loan can go up to the 2026 conforming limit of $832,750, which is why some higher-score buyers switch.
Can I use Nevada down payment assistance with a 700 credit score?
Yes, a 700 clears the score floor. Nevada Housing Division's Home Is Possible program sets a minimum credit score of 640, or 660 for a manufactured home.
You still have to meet its income, price and first-time buyer rules.
Sources
- FHA credit tiers, premiums and waiting periods. HUD, Handbook 4000.1, Update 18, last revised 8/12/2026: pages 151, 179, 183, 208 to 209, 288 to 289, 359 and 1749: hud.gov (read September 28, 2026)
- FHA annual premium rates. HUD Mortgagee Letter 2023-05: hud.gov (read September 28, 2026)
- 2026 FHA floor limit. HUD Mortgagee Letter 2025-23: hud.gov; HUD FHA Mortgage Limits lookup: entp.hud.gov (read September 28, 2026)
- 2026 conforming limit. FHFA news release, November 25, 2025: fhfa.gov (read September 28, 2026)
- Conventional price adjustments and waivers. Fannie Mae Loan-Level Price Adjustment Matrix, 09.09.2026, pages 1, 2 and 8: fanniemae.com (read September 28, 2026)
- Which score prices a conventional loan. Fannie Mae Selling Guide B3-5.1-02: fanniemae.com (read September 28, 2026)
- Conventional minimum score. Fannie Mae Selling Guide B3-5.1-01: fanniemae.com (read September 28, 2026)
- Conventional debt-to-income limits. Fannie Mae Selling Guide B3-6-02: fanniemae.com (read September 28, 2026)
- Conventional waiting periods. Fannie Mae Selling Guide B3-5.3-07: fanniemae.com (read September 28, 2026)
- PMI compared with other loans. CFPB, What is private mortgage insurance?: consumerfinance.gov (read September 28, 2026)
- When PMI ends. CFPB, When can I remove private mortgage insurance (PMI) from my loan?: consumerfinance.gov (read September 28, 2026)
- Nevada assistance rules. Nevada Housing Division, Home Is Possible program requirements: homeispossiblenv.org (read September 28, 2026)
The rest of the Nevada FHA credit library. Your score touches each of these: