What credit score is needed to buy a house?

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

Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • July 3, 2023 at 7:33 pm #8512
    Geoff Massanek
    Moderator
    July 5, 2023 at 7:36 pm #8746
    Team StellarFi
    Keymaster

    If you intend to buy a house, having a good credit score is important. Banks check your credit reports and scores to understand your credit behavior and see if you qualify for a mortgage loan at low-interest rates. 

    The exact credit score you require to buy a house depends on the type of loan you are applying for. Additionally, lenders may have their own criteria to determine your creditworthiness. The range of scores lies between 500-700. The greater your score, the more options you have to choose from. These are the types of loans available and the minimum score required to apply for them:

    Loan Minimum score Features
    Conventional Loan 620 Non-government insured.

    Conforms to standards set by government-sponsored entities Fannie Mae and Freddie Mac.
    Jumbo Loan 700 Non-conforming.

    Higher than conventional loan amounts.
    Federal Housing Administration (FHA) Loan 500 Insured by FHA.

    Minimum score of 500 for a 10% down payment, 580 for a 3.5% down payment.
    VA Loan 620 Government-insured.

    For veterans and their spouses/family.

    No minimum score set by the USDVA, but a minimum score of 620 is usually required by lenders.
    USDA Loan 580 US Department of Agriculture-insured.

    No minimum score set by the USDA, but a minimum score of 580 is usually required by lenders.

     

  • Author
    Posts
Viewing 2 posts - 1 through 2 (of 2 total)
  • You must be logged in to reply to this topic.

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.

Related questions

Home › Forums › Credit Reports & Scores › Credit Reports & Scores

Viewing 15 topics - 1 through 15 (of 223 total)
1 2 3 … 13 14 15
Viewing 15 topics - 1 through 15 (of 223 total)
1 2 3 … 13 14 15
  • You must be logged in to create new topics.
Sign up
Login