Read on to find out more about the credit requirements for buying a house and to get a better idea of the role your credit plays in getting a mortgage. What credit score is needed to buy a house? There are a number of different types of mortgages to choose from when you are trying to buy a house and each one has different requirements.
In addition, statistically, borrowers with lower credit scores default more often than those with higher credit scores. That’s why most lenders require a higher minimum credit score than does the FHA. The good news: FHA has updated its policy on how it grades lenders, which should allow more lower credit score home buyers to qualify for FHA.
If we had to name the absolute lowest credit score to buy a house, it would likely be somewhere around a 500 FICO score. It is very rare for borrowers with that kind of credit history to receive mortgages. So, while it may be technically possible for you to get a loan with a score of, say, 470,
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If you’re wondering what credit score is needed to buy a house, it’s important to remember that the minimum score varies from lender to lender. If you have a good credit score, you should be able.
If you’re planning to buy a home, your credit score will play a big part in the process. At the start, it will determine which loan options you can even consider as a homebuyer. While some loan types require minimum scores as high as 640 (conventional loans), others go down to 500 (some FHA loans).
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Minimum credit score requirements vary between loan products (auto, Keep in mind that you can purchase Credit Scores and even FICO.