Your credit score will determine how high or low your interest rate is, how much of a down payment you need to give and even how much a house you can buy. Plus, it’s a vital part of getting preapproved for a mortgage. Many loan programs require at least a 620 credit score if you want to make the lowest down payment possible.
We take a look at what the experts have to say about credit scores, and what should and shouldn’t be done: How does a credit score work? The higher your score, the better your credit health will be, which will be an advantage when applying for a home loan, making it easier for you to borrow money at lower interest rates.
The FHA has a minimum credit score requirement of 500 with a 10% down payment. You can pay just 3.5% down if you have a 580 or higher credit rating. However, just having a 580 FICO score will not guarantee you will be pre-approved for a mortgage, there are other factors involved. qualifications for FHA loans:
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Minimum Credit Score Needed to Buy a House. Your credit score is just one of the factors your mortgage lender will use to determine whether you qualify for financing. The problem is, every lender uses different methods to determine your credit worthiness. So, in some cases, a minimum score is difficult to determine for conventional loans.
The Federal Housing Administration (FHA) requires a credit score of at least 500 to purchase a home with an FHA loan. Your down payment amount plays a role too. fha credit score minimums and down payment requirements:
Credit scores range from about 300 to 850. According to Freddie Mac and Fannie Mae, which purchase mortgages from banks and resell them to investors, a FICO score above 620 is considered good.