“What credit score do I need to refinance?” is asked as if Fannie Mae still nailed a three-digit federal lock on every desk. For years the conventional talking number was 620. In late 2025 Fannie Mae told lenders Desktop Underwriter would stop applying a minimum representative score and would rely on its own risk engine instead. Your bank may not have gotten the memo. NerdWallet’s August 2026 refinance-lender roundup still lists 620 as the typical minimum on most of the names it rates.

This is not a quote and not advice from a licensed mortgage lender. Income, equity, occupancy, and the loan program sit on the same file. A 740 with 5 percent equity and a maxed HELOC is not the 740 that prices near Freddie Mac’s PMMS average.

Short answer: what credit score do I need to refinance?

Enough for that lender’s overlay and that mortgage-insurance company, not a single federal cutoff. NerdWallet (best refinance lenders, August 2026): “Most lenders like to see a credit score of 620 or above for a mortgage refinance.” Their rate-and-term explainer (August 5, 2026) repeats at least 620 as the usual conventional ask. Bad-credit refinance is “possible” with “fewer options” and higher rates; they note some desks still look at scores in the 500s and 600s, and FHA can accept scores in the 500s.

Fannie Mae Selling Guide announcement SEL-2025-09 / DU Version 12.0: the minimum representative credit score of 620 (and the 620 average-median rule for more than one borrower) no longer applies to new DU loan casefiles created on or after November 16, 2025. DU “will no longer apply a minimum credit score but will rely on its own comprehensive analysis of risk factors.” That is an automated underwriting change. It is not a promise that Truist, a credit union, or a PMI underwriter will fund a 590 conventional refinance.

Freddie Mac PMMS (August 27, 2026): 6.66 percent 30-year, 5.98 percent 15-year - averages from conforming purchase applications, historically a strong-credit profile. A 620 refinance is not that cell.

Path Score talk in 2026 sources What still decides
Conventional refinance, most retail lenders NerdWallet: typically ≥ 620 Overlay, LTV, DTI, occupancy
Fannie Mae DU conventional No DU minimum score after Nov. 16, 2025 (SEL-2025-09) DU risk; lender overlay may still say 620
FHA refinance NerdWallet: scores in the 500s possible MIP rules differ from PMI; mortgage insurance
Pricing, not just approval Higher scores, lower LTV → better rate (NerdWallet) Three Loan Estimates the same week

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The credit score you need to refinance is the number that lender will accept for that program. NerdWallet’s 2026 refinance survey still clusters conventional minimums near 620. Fannie Mae DU no longer imposes a 620 floor on casefiles from November 16, 2025, but many lenders keep a 620 overlay. FHA can look lower. Approval is not the same as a PMMS-average rate.

The 620 that is not the rate

A 590 can still get a no from an overlay or PMI desk even if Desktop Underwriter looks. A 740 is in the conventional conversation; the price is still a bid.

CFPB shopping guide: get at least three preapprovals close together so inquiries cluster. That is mortgage shopping, not card shopping. Hard-pull mechanics on cards are a different article.

myFICO still weights payment history 35 percent and amounts owed 30 percent. A refinance does not launder a 30-day mortgage late. Pull AnnualCreditReport.com before the first application.

Whether the refinance is even the right move is should I refinance my mortgage. Affordability after the new PITI is how much house can I afford - the same PITI stack, a different purpose.

Diagnose the desk before you apply

  1. Ask whether the 620 is a Fannie/Freddie overlay or the lender’s floor. SEL-2025-09 made that a real question in 2026.
  2. Ask which score they pull (often a FICO mortgage score, not the VantageScore on a free app).
  3. If you are under 620, ask FHA and a credit union in the same week as one conventional desk, not six conventional hard pulls.
  4. Price LTV. NerdWallet: best refi rates go to high scores and low loan-to-value. A 780 with 97 percent LTV still buys PMI.
  5. Do not refinance solely to “fix” a score. The inquiry and new account are not a credit-repair product.

FAQ

Is 620 still required in 2026?

At many lenders, yes. At Fannie Mae DU, the 620 minimum was removed for new casefiles from November 16, 2025. Your Loan Estimate will tell you which world you are in.

Will a 740 get me 6.66%?

PMMS 6.66 percent is a national purchase average for the week of August 27, 2026. Refinance pricing adds points, occupancy, and LTV. Shop.

Can I refinance with bad credit?

NerdWallet: fewer options, higher cost; some lenders accept the 500s-600s; FHA is the usual government path. That is access, not a bargain.

Sources

Conclusion

What credit score do you need to refinance? The one that overlay will take. NerdWallet’s 2026 tables still say 620 on most conventional refinance desks. Fannie Mae DU stopped using 620 as a hard gate on November 16, 2025. Those two facts can both be true in the same week. Get three estimates, read which score they used, and send the share links under this article, not a forum post that treated 620 as a federal statute Fannie already rewrote.