What credit score is needed to buy a $300k house?

Home Forums Credit Reports & Scores What credit score is needed to buy a $300k house?

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    Jordan Moore
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    Team StellarFi
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    The credit score you need for a home loan varies on the type of loan you apply for. Some loans specify a credit score, while others don’t. Some require a percentage of the mortgage as a down payment while others don’t. Each lender and type of loan is different.

    For example, Veterans Affairs loans (specifically for veterans, active-duty service members, and surviving spouses) typically do not require a down payment but may have a minimum credit score requirement. A United States Department of Agriculture (USDA) loan does not specify a credit score, but lenders usually seek a credit score of at least 640. These loans are applicable only for properties purchased in designated rural areas. Federal Housing Administration (FHA) loans need at least a 580 FICO Score with at least a 3.5% down payment (which amounts to $10,500 on a $300,000 home). Conventional loans require a minimum FICO® Score of 620 along with a 3% down payment (which amounts to $9,000 on a $300,000 home).

    Consider all your available options, build your credit score, and save up for a down payment before you buy a house so that you can get the best out of what will probably be the largest investment in your credit history.

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StellarFinance, Inc. and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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