Retrieved from https://thelendersnetwork.com/what-credit-score-is-needed-to-buy -house/. Of course, these are just the minimum requirements.
To get an FHA loan, the minimum score for you to make a minimum down payment is 580. If your score drops even one point less to 579, your minimum down payment requirement goes from 3.5% to 10%. Some conventional lenders may also have different requirements for different credit scores.
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So, to answer the question posed by the article, you’ll need at least a 580 credit score in order to qualify for a mortgage. You’ll want to go with an FHA because they have the lowest minimum requirements. It’s possible that you can buy a house with less than that, but it isn’t very likely.
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· In a nutshell, you don’t need a credit score to buy a house. There are many options to consider from getting a co-signer to considering FHA loans. As you can see, your credit score does play a significant impact in accelerating the process, though.
The minimum credit score needed to buy a house using an FHA loan is 500-580. VA loans may accept a 580 score as well. USDA and 203k require 620-640.
The fha loan credit score requirements are clear-cut, in terms of the minimum score needed. An FHA loan requires a minimum FICO credit.
According to most sources, the minimum credit score for a conventional bank mortgage is 620. This number is generally based on the fact that Fannie Mae and Freddie Mac, the government-sponsored programs that buy up private mortgages to sell to investors, require borrower scores be at least 620.
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