Can I buy a home with a 600 credit score?

It is possible: in Canada, a CMHC-insured mortgage needs at least one borrower with a credit score of 600 or higher, so a 600 score can meet that minimum. Meeting the minimum is not the same as being approved. The lender also weighs your credit history, income, debts and down payment, and any mortgage is subject to lender approval.

What the 600 figure means

CMHC sets a minimum credit score of 600 for at least one borrower on an insured mortgage, one with less than 20% down (source: cmhc-schl.gc.ca, checked October 2026). Other mortgage insurers and lenders set their own minimums and may expect more in some cases.

With 20% or more down, the mortgage does not need insurance, and the lender sets its own credit standards. Banks, credit unions and monoline lenders each have their own policies, and they differ.

What lenders look at besides the credit score

A credit score is a summary. Lenders read the credit report behind the score:

• Payment history: recent late payments matter more than old ones.
• Collections, judgments or a past bankruptcy or consumer proposal: how long ago, and whether it is discharged or paid.
• How much of your available credit you use: balances near the limit count against you.
• Length of history: a thin file with few accounts is harder to assess.

Lenders then check your affordability. For an insured mortgage, CMHC limits housing costs to 39% of gross income (GDS) and all debts to 44% (TDS), calculated at the qualifying rate under the stress test.

Which lenders to try, in order

Banks, credit unions and monoline lenders first. If your score meets the insurer's minimum, your recent history is clean and your ratios fit, an institutional lender may approve you. A larger down payment, a co-borrower with stronger credit, or paying down card balances before you apply can all help.

Alternative lenders next. Alternative or B lenders, often trust companies, accept a wider range of credit histories. B lenders usually charge a higher rate and may charge a fee, and they generally need a larger down payment. The idea is to use a B lender for a term while you rebuild, then move back to a bank lender at renewal.

Private money only as a short bridge. In a narrow set of cases, such as a closing that cannot wait, a short private mortgage may fill a gap. A private mortgage costs more and needs a clear plan for paying it off.

What to do next

If your credit is not where you want it, use our call-me-back form and we will look at the options with you. You can also read about mortgages with credit challenges.