Your credit score affects your ability to buy a home as a major factor in whether or not you’re approved for a mortgage. That’s because your credit score is a reflection of how likely you may be to default on your loan.
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Ever wondered what credit score you need to buy a house? Wonder no longer, we help you figure that out and we give you your free credit score too.
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There are many misconceptions about the credit score needed to buy a house. Recently, it was reported that 24% of renters believe they need a 780-800 credit score to be considered for a mortgage. The reality is they are misinformed! Only 25% of the Americans have a FICO® Score.
Most credit score ratings fall in the range of 301 to 850, with higher scores preferred by lenders when considering applications for consumer credit. Additionally, A FICO® score, which is a person’s credit score calculated with software from the Fair Isaac Corporation, is most commonly used by lenders to determine your eligibility for.
· Below, we’ll cover the minimum credit score for a mortgage, the average credit score to buy a house, and how you can improve your credit score if needed. What Is a Credit Score? A credit score is one of the primary factors that a lender considers before issuing a loan, whether that loan is for a home, business, or other purpose.
The USDA has a minimum credit score of 580 for its loans, but there’s flexibility to go lower in certain situations. If your credit score is in great shape, you may have several different loan types from which to choose. But if your credit score is considered bad or fair, your options may be limited. How Your credit score affects mortgage Rates
In general, a good credit score to buy a house (minimum to qualify) is 620 or higher. If you have a credit score of at least 620, you qualify for nearly all of the most common mortgage loan types. Now you know what is a good credit score to buy a house, but how do the minimum qualifications differ for each loan type?
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